1. Short title This Act may be cited as the Presidential Allowance Modernization Act of 2023 . 2. Amendments (a) Former Presidents The first section of the Act entitled An Act to provide retirement, clerical assistants, and free mailing privileges to former Presidents of the United States, and for other purposes , approved August 25, 1958 (commonly known, and referred to in this Act, as the Former Presidents Act of 1958 ) ( 3 U.S.C. 102 note), is amended by striking the matter preceding subsection (e) and inserting the following: (a) Annuities and allowances (1) Annuity Each former President shall be entitled for the remainder of his or her life to receive from the United States an annuity at the rate of $200,000 per year, subject to subsections (b)(2) and (c), to be paid by the Secretary of the Treasury. (2) Allowance The Administrator of General Services is authorized to provide each former President a monetary allowance at the rate of $200,000 per year, subject to the availability of appropriations and subsections (b)(2), (c), and (d). (b) Duration; frequency (1) In general The annuity and allowance under subsection (a) shall each— (A) commence on the day after the date on which an individual becomes a former President; (B) terminate on the date on which the former President dies