The ASSET Act would eliminate asset limits that restrict eligibility for several major federal assistance programs. Currently, many low-income assistance programs deny or reduce benefits if applicants have savings or other assets above certain thresholds, which the bill argues discourages people from building financial security and saving money. The legislation would remove asset limits from Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), and the Low-Income Home Energy Assistance Program (LIHEAP). For Supplemental Security Income (SSI), the bill would significantly raise the resource limits from the current $2,250 for individuals and $1,500 for couples to $20,000 and $10,000 respectively in 2024, with automatic annual increases based on inflation. The changes would take effect 30 days after enactment, though states that need to pass new legislation to comply would have until their next regular legislative session to do so.
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