Rep. Steny Hoyer, D-Md., will propose the creation of a White House Information Technology Modernization Fund when Congress returns to session.
Hoyer described the fund as a means to modernize federal IT and strengthen cybersecurity.
"The legislation I will be introducing when the House returns to session next week is a major step toward transforming the way our government invests in upgrading its infrastructure to serve the American people more effectively and to keep their private information safe," Hoyer said.
The fund as Hoyer envisions it "will implement the upgrades using the latest best practices from our innovation economy in Silicon Valley and all across our country," he added. "The new upgrades will enable agencies to create new user-friendly apps and services, and will allow agencies to share data to root out fraud and abuse."
The fund model has a successful track record in the private sector, but would be a new thing in the government, according to Hoyer's announcement. It authorizes a one-time investment of $3.1 billion into a revolving fund. An independent review board will evaluate agency proposals and select high-impact, high-priority projects to receive funding.
Once the project is complete, the agency will use the savings it achieves to repay the fund. The fund would address at least $12 billion in projects over its first 10 years with no additional investment, due to this repayment requirement, according to Hoyer.