The Rural Broadband Modernization Act modifies the ReConnect program, a federal initiative that funds broadband infrastructure in rural areas, to allow assistance regardless of the technology used to deliver internet service. Under this bill, projects must still meet a minimum speed requirement of 100 megabits per second downstream and 20 megabits per second upstream, but applicants can use any technology to achieve this, including traditional terrestrial networks, satellite systems, or other emerging technologies. The bill prevents the government from denying applications or favoring one technology over another based on the delivery method chosen. The Secretary of Agriculture must issue final regulations within 180 days to implement these changes and must publicly report on awards made and the technologies used within 30 days of each grant or loan decision, as well as report on completion of projects showing disbursement amounts and locations served. This change aims to expand broadband access options in rural communities by opening funding to a wider range of deployment technologies.