MGT Act

[AI summary unavailable — showing source text] Modernizing Government Technology Act of 2016 or the MGT Act This bill establishes in each covered agency (specified agencies for which there are Chief Financial Officers) an information technology system modernization and working capital fund for necessary expenses for the agency to: improve, retire, or replace existing information technology systems to improve efficiency and effectiveness; transition to cloud computing or to information technology systems shared by multiple agencies; assist and support efforts to provide adequate, risk-based, and cost-effective information technology capabilities that address evolving threats to information security; and reimburse amounts transferred from the Information Technology Modernization Fund (ITMF) (established under this bill). Each agency shall prioritize amounts within such fund to be used initially for cost savings activities approved by the agency's Chief Information Officer. The bill establishes the ITMF for technology related activities, to improve information technology, and to enhance cybersecurity across the federal government. The ITMF shall be administered by the General Services Administration (GSA) in accordance with guidan…