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FedScoop: Board plans to spend remaining $750M in TMF by year’s end

“The board responsible for managing the Technology Modernization Fund is planning to spend the more than $750 million left in the fund’s reserves by the end of the year.

Lawmakers Wednesday criticized the TMF Board for being too slow in spending money it’s been appropriated in recent years, especially as the fund has seen a significant increase in demand from agencies seeking support for IT modernization and cyber-related projects during the pandemic. The TMF received $1 billion from the American Rescue Plan Act last March, and roughly $756 million of that remains, per lawmakers…

“We are on track to invest the remaining balance of the American Rescue Plan dollars this year, and to do so thoughtfully in I think what are going to be very exciting investments,” Yung said.

While the board would like to move quickly to disburse funds, members have had to strike a balance between making smart investments and accommodating a demand of more than 130 proposals from 60 agencies and organizations that would be worth more than $2.5 billion, Yung said…” Read the full article here.

Source: Board plans to spend remaining $750M in TMF by year’s end – By Billy Mitchell, May 25, 2022. FedScoop.

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