The ASSET Act would eliminate asset limits that currently restrict eligibility for several major federal assistance programs. Specifically, the bill would prohibit states from using asset or savings limits for Temporary Assistance for Needy Families, completely remove asset restrictions from the food stamp program (SNAP), and eliminate asset tests for the Low-Income Home Energy Assistance Program. The legislation also would significantly increase the resource limits for Supplemental Security Income, raising them from $2,250 to $20,000 for individuals and from $1,500 to $10,000 for couples in 2024, with automatic adjustments for inflation in future years. The bill's supporters argue that asset limits discourage low-income families from saving money and using mainstream financial services, while states that have eliminated such limits have found that administrative cost savings offset any increase in benefits paid. Most changes would take effect 30 days after the bill's enactment, though states that require new legislation to comply would receive additional time aligned with their legislative schedules.
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