12 2 STA T . 2 79 7 PUBLIC LA W 11 0– 2 8 9 —J UL Y3 0 , 2008 (2)COSTDIF F ER E N TI AL.— ( A ) I N G ENERAL.— Thedif fe r e nc ein t hec os ts b et w een the benefits which wo ul dh av e been p rovided b y the O ffice of F ederal H ousin gE nterprise Oversight and those pro - vided by this section shall be paid by the D irector. ( B ) HEALT H INS U RAN C E.—If any e m ployee elects to give up membership in a health insurance program or the health insurance program is not continued by the Director , the employee shall be permitted to select an alternate Federal health insurance program not later than 30 days after the date of such election or notice, without regard to any other regularly scheduled open season. SEC.1304 . TRAN S F ER O F P ROPERT Y AN D FAC IL ITIES. U pon the effective date of its abolishment under section 1 301(a), all property of the Office of Federal Housing Enterprise Oversight shall transfer to the Agency. Subti t leB—F e d e ra l Ho u s i ng Finan c e Board SEC. 1311. A B OLIS HM ENT OF THE FEDERAL HO U SIN G FINANCE BOARD. (a) IN G ENERAL.—Effective at the end of the 1-year period beginning on the date of enactment of this Act, the Federal Housing Finance Board (in this subtitle referred to as the ‘ ‘Board ’ ’) is abol- ished. (b) DIS P OSITION OF AFFAIRS.—During the 1-year period begin- ning on the date of enactment of this Act, the Board, solely for the purpose of winding up the affairs of the Board— (1) shall manage the employees of the Board and provide for the payment of the compensation and benefits of any such employee which accrue before the effective date of the transfer of such employee under section 1313
and (2) may ta k e any other action necessary for the purpose of winding up the affairs of the Board. (c) S TATUS OF E M PLO Y EES BEFORE TRANSFER.—The amend- ments made by titles I and II and the abolishment of the Board under subsection (a) may not be construed to affect the status of any employee of the Board as an employee of an agency of the United States for purposes of any other provision of law before the effective date of the transfer of any such employee under section 1313. (d) USE OF P ROPERTY AND SER V ICES.— (1) PROPERTY.—The Director may use the property of the Board to perform functions which have been transferred to the Director, for such time as is reasonable to facilitate the orderly transfer of functions transferred under any other provi- sion of this Act or any amendment made by this Act to any other provision of law. (2) AGENCY SERVICES.—Any agency, department, or other instrumentality of the United States, and any successor to any such agency, department, or instrumentality, which was providing supporting services to the Board before the e x piration of the 1-year period under subsection (a) in connection with functions that are transferred to the Director shall— Deadlin e .Ef fe ct i v e date. Effective date. T e rm inati o n date. 12USC45 11 note. 12 USC 4511 note. Deadline.
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