ASSET Act
Latest action (11 Jun 2021): Introduced
What this bill does
H.R. 3822, the ASSET Act, would eliminate asset or resource limits used to determine eligibility for several major federal assistance programs. It would bar states from applying asset tests to Temporary Assistance for Needy Families (TANF) benefits, remove asset-limit provisions from the Supplemental Nutrition Assistance Program (SNAP), and prohibit states from excluding households from the Low Income Home Energy Assistance Program (LIHEAP) based on assets. For Supplemental Security Income (SSI), rather than eliminating the resource limit, the bill would raise it substantially—to $20,000 for individuals and $10,000 for couples in 2021—and index it to inflation using the Consumer Price Index for Elderly Consumers in future years.
The changes would affect low-income individuals and families who apply for or receive TANF, SNAP, LIHEAP, or SSI benefits, potentially allowing them to keep savings, vehicles, or other resources without losing eligibility. States administering these programs would need to adjust their rules, though the bill allows delayed compliance where state legislation is required to implement the changes.
The bill was introduced on June 11, 2021, by Rep. Jimmy Gomez and referred to the House Committees on Ways and Means, Agriculture, Energy and Commerce, and Education and Labor. It did not receive a vote and did not advance during the 117th Congress.
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).
Common questions
- What does H.R. 3822 do?
- H.R. 3822, the ASSET Act, would eliminate asset or resource limits used to determine eligibility for several major federal assistance programs. It would bar states from applying asset tests to Temporary Assistance for Needy Families (TANF) benefits, remove asset-limit provisions from the Supplemental Nutrition Assistance Program (SNAP), and prohibit states from excluding households from the Low Income Home Energy Assistance Program (LIHEAP) based on assets. For Supplemental Security Income (SSI), rather than eliminating the resource limit, the bill would raise it substantially—to $20,000 for individuals and $10,000 for couples in 2021—and index it to inflation using the Consumer Price Index for Elderly Consumers in future years. The changes would affect low-income individuals and families who apply for or receive TANF, SNAP, LIHEAP, or SSI benefits, potentially allowing them to keep savings, vehicles, or other resources without losing eligibility. States administering these programs would need to adjust their rules, though the bill allows delayed compliance where state legislation is required to implement the changes. The bill was introduced on June 11, 2021, by Rep. Jimmy Gomez and referred to the House Committees on Ways and Means, Agriculture, Energy and Commerce, and Education and Labor. It did not receive a vote and did not advance during the 117th Congress.
- Has H.R. 3822 become law?
- Not yet. As of 11 Jun 2021, H.R. 3822 is introduced.
- Who sponsored H.R. 3822?
- H.R. 3822 was sponsored by Rep. Jimmy Gomez [D-CA34] (Democrat-CA), with 12 cosponsors.
- What's the latest action on H.R. 3822?
- Introduced (11 Jun 2021).
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