ASSET Act
Latest action (25 May 2021): Introduced
What this bill does
The ASSET Act would eliminate or ease asset limits in several major federal means-tested assistance programs. It would bar states from applying asset or resource limits to families receiving Temporary Assistance for Needy Families (TANF); remove asset-limit provisions from the Supplemental Nutrition Assistance Program (SNAP), including related eligibility disqualifications and demonstration authority; prohibit states from excluding Low-Income Home Energy Assistance Program (LIHEAP) households based on assets; and substantially raise the resource limits for Supplemental Security Income (SSI) eligibility—from $2,250 to $20,000 for individuals and from $1,500 to $10,000 for couples—with future annual increases tied to a cost-of-living index for elderly consumers.
The bill would affect low-income individuals and families applying for or receiving TANF, SNAP, LIHEAP, or SSI benefits, potentially allowing them to hold more savings or resources without losing eligibility. States administering these programs would need to adjust their rules, and the bill allows a delay in compliance if a state needs to pass its own legislation to implement the changes. Changes would generally take effect for benefit months beginning 30 days after enactment, with the SSI change applied retroactively to January 1, 2021.
The bill was introduced in the Senate on May 25, 2021, by Senator Christopher Coons and referred to the Senate Finance Committee. It did not receive a vote and did not advance further in 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 S. 1809 do?
- The ASSET Act would eliminate or ease asset limits in several major federal means-tested assistance programs. It would bar states from applying asset or resource limits to families receiving Temporary Assistance for Needy Families (TANF); remove asset-limit provisions from the Supplemental Nutrition Assistance Program (SNAP), including related eligibility disqualifications and demonstration authority; prohibit states from excluding Low-Income Home Energy Assistance Program (LIHEAP) households based on assets; and substantially raise the resource limits for Supplemental Security Income (SSI) eligibility—from $2,250 to $20,000 for individuals and from $1,500 to $10,000 for couples—with future annual increases tied to a cost-of-living index for elderly consumers. The bill would affect low-income individuals and families applying for or receiving TANF, SNAP, LIHEAP, or SSI benefits, potentially allowing them to hold more savings or resources without losing eligibility. States administering these programs would need to adjust their rules, and the bill allows a delay in compliance if a state needs to pass its own legislation to implement the changes. Changes would generally take effect for benefit months beginning 30 days after enactment, with the SSI change applied retroactively to January 1, 2021. The bill was introduced in the Senate on May 25, 2021, by Senator Christopher Coons and referred to the Senate Finance Committee. It did not receive a vote and did not advance further in the 117th Congress.
- Has S. 1809 become law?
- Not yet. As of 25 May 2021, S. 1809 is introduced.
- Who sponsored S. 1809?
- S. 1809 was sponsored by Sen. Christopher Coons [D-DE] (Democrat-DE), with 9 cosponsors.
- What's the latest action on S. 1809?
- Introduced (25 May 2021).
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