Cooperative Threat Reduction Modernization Act - Directs the Secretary of Defense (DOD) to establish a strategy to prevent the proliferation of weapons of mass destruction and related materials in the Middle East and North Africa region.

Requires such strategy to include: (1) an assessment of gaps in current cooperative nonproliferation efforts, (2) an articulation of agencies' threat reduction priorities in the Middle East and North Africa region, (3) establishment of appropriate metrics for determining success in the region, and (4) steps to ensure that the strategy fits in with broader U.S. efforts to reduce the threat from weapons of mass destruction.