The "Mathematical and Statistical Modeling Education Act" acknowledges the need for improved math and statistics education in schools, aiming to close the STEM skills gap. It emphasizes the importance of computational tools, statistical problem-solving, and data science. The bill directs the National Science Foundation to award grants to institutions and organizations to support mathematical modeling education, foster partnerships, and engage underrepresented student groups. The act also calls for a study by the National Academies of Sciences, Engineering, and Medicine to identify factors and barriers related to implementing mathematical modeling and statistical modeling in prekindergarten through 12th grade education. It authorizes funds for these initiatives and includes limitations on funding and a sunset provision.