This legislation aims to significantly improve the visibility, accountability, and oversight of federal agency software asset management practices. It requires the Chief Information Officer of each agency, in consultation with other key officials, to complete a comprehensive assessment of all software paid for, in use, or deployed throughout the agency within 18 months of enactment. This assessment must detail the current software inventory, entitlements, associated costs, interoperability, and compliance with existing management policies, identifying any duplication or unnecessary expenditures. Following the assessment, each agency's Chief Information Officer must develop a software modernization plan to consolidate software entitlements, implement cost-effective acquisition strategies like enterprise licensing, and restrict unauthorized software purchases within the agency. The plan must include strategies for remediating deficiencies, automating license management, and providing training on software acquisition and negotiation. The Director of the Office of Management and Budget, in coordination with the Administrator of General Services, will establish processes to standardize definitions and requirements across agencies and will report to Congress on recommendations to leverage procurement policies for improved software management. The Government Accountability Office will also report on government-wide trends and agency compliance, though no additional funds are authorized for the bill's implementation.