for three years after the last day of the fiscal year in which such funds were deposited. (7) Agency CIO responsibilities In evaluating projects to be funded from the IT working capital fund, the Chief Information Officer of the covered agency shall consider, to the extent applicable, guidance issued pursuant to section 4(a)(1) to evaluate applications for funding from the Technology Modernization Fund established under that section that include factors such as a strong business case, technical design, procurement strategy (including adequate use of incremental software development practices), and program management. (b) Reporting requirement (1) In general Not later than one year after the date of the enactment of this Act, and every six months thereafter, the head of each covered agency shall submit to the Director the following, with respect to the IT working capital fund for the covered agency: (A) A list of each information technology investment funded with estimated cost and completion date for each such investment. (B) A summary by fiscal year of obligations, expenditures, and unused balances. (2) Public availability The Director shall make the information submitted under paragraph (1) publicly available on a website. (c) Covered agency defined In this section, the term covered agency means each agency listed in section 901(b) of title 31, United States Code. 4. Establishment of Technology Modernization Fund and Board (a) Technology Modernization Fund (1) Establishment There is established in the Treasury a Technology Modernization Fund (in this section referred to as the Fund ) for technology-related activities, to improve information technology, to enhance cybersecurity across the Federal Government, and to be administered in accordance with guidance issued by the Director. (2) Administration of Fund The Commissioner of the Technology Transformation Service of the General Services Administration, in consultation with the Chief Information Officers Council and with the approval of the Director, shall