The main purpose of the Financial Disclosure Modernization Act is to update the categories used for reporting financial disclosures by certain government officials. This aims to improve transparency and ensure that the financial interests of these officials are clearly reported and understood. The key provisions of this Act involve modifying the existing financial reporting categories. Specifically, it changes the thresholds for reporting dividends, rents, interest, and capital gains. The new categories include a wider range of values, allowing for more precise reporting.