This bill reforms the Technology Modernization Fund, a federal program that loans money to agencies for updating outdated computer systems. The legislation refocuses the fund's purpose on modernizing, retiring, or replacing legacy information technology systems while enhancing cybersecurity, and it requires agencies that receive loans to repay the fund so it remains operational. The bill adds safeguards by allowing the fund to suspend or terminate support for projects where agencies provide false or misleading information, and it requires incremental funding tied to specific development milestones rather than lump-sum transfers. Additionally, the bill establishes a new requirement for federal and agency information officers to identify and prioritize the government's ten highest-risk legacy computer systems, which must be reported to Congress within tight timeframes. The fund is set to sunset on December 31, 2032, giving agencies roughly seven years to restructure their aging IT systems under this reformed program.
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