ASSET Act
The source supplies the latest action, but no lifecycle stage.
Latest action (5 Mar 2020): Referred to the Subcommittee on Nutrition, Oversight, and Department Operations.
What this bill does
The ASSET Act would prohibit states from using asset or resource limits to determine eligibility for programs like Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), and the Low Income Home Energy Assistance Program (LIHEAP). It would also significantly increase the resource limit for qualifying for Supplemental Security Income (SSI). For SSI, individuals could have up to $10,000 in resources, and couples up to $20,000, compared to current limits of $2,000 for individuals and $3,000 for couples.
This bill affects individuals and families who rely on these public assistance programs for support. By removing asset tests for TANF, SNAP, and LIHEAP, more people might qualify for these benefits regardless of their savings. The increased SSI resource limits aim to allow individuals with disabilities, blindness, or age 65 or older to save more money without losing their benefits.
H.R. 5848, the ASSET Act, was introduced in the House of Representatives in February 2020. It was referred to multiple committees for consideration. As of its introduction, its status is "Introduced," meaning it has not yet moved through the legislative process, such as being debated, amended, or voted on by the full House or Senate.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Allowing Steady Savings by Eliminating Tests Act or the ASSET Act
This bill prohibits the use of asset tests or resource limits in certain means-tested public assistance programs and increases the resource limits to qualify for Supplemental Security Income (SSI). SSI is a federal income supplement program designed to help aged, blind, and disabled individuals with limited income and resources meet basic needs.
Under the bill, states may not use asset or resource limits to determine eligibility for (1) programs funded by Temporary Assistance for Needy Families grants, (2) the Supplemental Nutrition Assistance Program, or (3) the Low Income Home Energy Assistance Program.
In addition, an individual may have up to $10,000 in certain resources (or up to $20,000 for a couple) and qualify for SSI. Under current law, the limit is $2,000 for an individual (or $3,000 for a couple).
Timeline
5 Mar 2020
Referred to the Subcommittee on Nutrition, Oversight, and Department Operations.
Common questions
- What does H.R. 5848 do?
- The ASSET Act would prohibit states from using asset or resource limits to determine eligibility for programs like Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), and the Low Income Home Energy Assistance Program (LIHEAP). It would also significantly increase the resource limit for qualifying for Supplemental Security Income (SSI). For SSI, individuals could have up to $10,000 in resources, and couples up to $20,000, compared to current limits of $2,000 for individuals and $3,000 for couples. This bill affects individuals and families who rely on these public assistance programs for support. By removing asset tests for TANF, SNAP, and LIHEAP, more people might qualify for these benefits regardless of their savings. The increased SSI resource limits aim to allow individuals with disabilities, blindness, or age 65 or older to save more money without losing their benefits. H.R. 5848, the ASSET Act, was introduced in the House of Representatives in February 2020. It was referred to multiple committees for consideration. As of its introduction, its status is "Introduced," meaning it has not yet moved through the legislative process, such as being debated, amended, or voted on by the full House or Senate.
- Has H.R. 5848 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 5848. Check the latest action and official source below.
- Who sponsored H.R. 5848?
- H.R. 5848 was sponsored by Rep. Cox, TJ [D-CA-21] (D-CA), with 7 cosponsors.
- What's the latest action on H.R. 5848?
- Referred to the Subcommittee on Nutrition, Oversight, and Department Operations. (5 Mar 2020).
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