This bill, titled the Modernizing Government Technology Reform Act, aims to significantly improve the effectiveness of the Technology Modernization Fund (TMF) by amending its operational guidelines. It clarifies that TMF funds are to be used for modernizing, retiring, or replacing legacy information technology systems , enhancing cybersecurity, and improving agency mission delivery. A critical provision mandates that agencies receiving TMF funds must reimburse the Fund to ensure its operational solvency until its sunset, with the Administrator empowered to suspend funding for projects involving fraudulent statements. The legislation establishes clear terms for repayment, requiring written agreements that ensure the Fund's financial health and specifying incremental fund transfers tied to metric-based development milestones. It also refines reporting requirements, focusing on the amounts repaid to the Fund. To provide greater stability and longevity, the bill extends the TMF's operational period, setting its new sunset date to December 31, 2032 . A new section introduces responsibilities for agency and Federal Chief Information Officers (CIOs) regarding legacy IT systems. Agency CIOs are now required to annually submit lists of their high-risk legacy information technology systems to the Federal CIO. The Federal CIO must then compile a comprehensive "Legacy Federal IT Inventory" and, crucially, a "Prioritization list" of the 10 systems posing the greatest security, privacy, and operational risks across the Federal Government, which must be reported to Congress.