The memorandum directs federal agencies to accelerate their efforts to adopt post-quantum cryptography. It establishes a new project to develop programs for discovering and remediating systems that do not use quantum-resistant cryptography. Agencies must also submit annual reports and ongoing inventory reports documenting their progress towards migrating to quantum-resistant cryptography. The memorandum expands the scope of required cryptographic inventories to include all deployed systems beyond just national security systems. It recognizes cryptographic agility as imperative for reducing the time needed for transitioning to new standards.