(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
Truman Scholarship Fund Modernization Act - Amends the Harry S Truman Memorial Scholarship Act to require the Secretary of the Treasury to invest amounts appropriated and contributed to the Harry S Truman Memorial Scholarship Trust Fund: (1) only at the request of the Board of Trustees of the Harry S Truman Scholarship Foundation; and (2) only in interest-bearing obligations of the United States issued directly to such Fund.
Repeals the Secretary's discretion to invest in obligations guaranteed as to principal and interest by the United States.
Repeals the condition that such obligations shall be issued only if it is not in the public interest to purchase other interest-bearing obligations issued or guaranteed by the United States.Makes all requests of the Board binding on the Secretary.
Repeals the authority of the Secretary to sell any obligation acquired by the fund (except special obligations issued exclusively to it) at the market price.
Requires the Secretary, at the Board's request, to redeem any obligation issued directly to the fund.