GSA Appoints New TMF Executive Director

The General Services Administration has named Larry Bafundo as the new permanent executive director of the Technology Modernization Fund.

Bafundo took on the role amid funding uncertainty within the GSA investment program, which is slated to sunset in 2025.

The TMF’s $1 billion fund provided under the 2021 American Rescue Plan Act is now running out, with $865 million of the amount awarded to federal agencies to support their modernization projects, Nextgov/FCW reported.

Before the appointment, Bafundo, formerly the TMF deputy executive director, led the GSA investment program in an acting capacity.

Raylene Yung, the last permanent TMF head, left the role in October 2023 to become the chief of staff of the Department of Energy’s Office of Clean Energy Demonstrations.

The revolving fund was established in 2017 to invest in government technology improvements.

The GSA is facing difficulties in seeking additional funding from Congress due to lawmakers’ concerns about the TMF’s payback mechanisms. 

Katy Kale, the GSA’s deputy administrator and a past Wash100 awardee, highlighted the need to sustain TMF funding, noting that the program enables the federal government “to deliver simple, seamless, and secure services to the American public.”