The Financial Disclosure Modernization Act would update the value ranges that federal officials must report on their annual financial disclosure forms. Currently, officials only need to specify whether assets fall into broad categories, with the highest being "greater than $1,000,000." This bill adds several new categories for higher-value assets, allowing officials to report more precisely whether they hold assets valued between $5 million and $1 billion, and creating a separate category for assets exceeding $1 billion. The changes apply to two key sections of federal disclosure rules: one covering dividends, rents, interest, and capital gains, and another covering general asset values. The bill would take effect immediately upon enactment and apply to all financial disclosure reports filed afterward, affecting federal employees, judges, and members of Congress who are required to file these disclosures.