The ASSET Act removes or significantly raises asset limits in four major federal assistance programs. The bill prohibits states from using asset limits to deny benefits under Temporary Assistance for Needy Families, eliminates asset limits entirely in the food stamp program (SNAP), removes asset restrictions from the Low-Income Home Energy Assistance Program, and increases the asset limit for Supplemental Security Income from $2,250 to $20,000 for individuals with automatic annual adjustments for inflation. The bill affects low-income families and individuals who currently avoid saving money or using bank accounts because accumulating modest savings would make them ineligible for government assistance. Congress finds that these asset limits discourage financial security and that states eliminating them have saved administrative costs while seeing minimal fraud risk. Most provisions take effect thirty days after enactment, though states requiring new legislation to comply have until the first calendar quarter following their next legislative session.
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