ASSET Act
Latest action (25 Jul 2024): Introduced
What this bill does
H.R. 9149, the ASSET Act, would end the use of asset or resource limits in several federally funded assistance programs. It would bar states from applying asset tests in Temporary Assistance for Needy Families (TANF) programs, 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. It would also 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, starting in 2024—and require these limits to be adjusted annually based on inflation for elderly consumers.
The changes would affect low-income individuals and families applying for or receiving TANF, SNAP, LIHEAP, or SSI benefits, as well as the state agencies that administer these programs. Supporters' stated rationale, per the bill's findings, is that asset limits discourage savings and financial stability among low-income households, while offering limited protection against ineligible recipients. States needing to change their own laws to comply would be given additional time to do so. Most provisions would take effect 30 days after enactment, except the SSI changes, which would apply retroactively to January 1, 2024.
The bill was introduced in the House on July 25, 2024, by Rep. Jimmy Gomez and several cosponsors, and was referred to the Committees on Ways and Means, Agriculture, Energy and Commerce, and Education and the Workforce. It has not received a vote and would need committee action and floor votes in both chambers, plus presidential approval, to become law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill was introduced on July 25, 2024, in a previous session of Congress, but it did not receive a vote.
Common questions
- What does H.R. 9149 do?
- H.R. 9149, the ASSET Act, would end the use of asset or resource limits in several federally funded assistance programs. It would bar states from applying asset tests in Temporary Assistance for Needy Families (TANF) programs, 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. It would also 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, starting in 2024—and require these limits to be adjusted annually based on inflation for elderly consumers. The changes would affect low-income individuals and families applying for or receiving TANF, SNAP, LIHEAP, or SSI benefits, as well as the state agencies that administer these programs. Supporters' stated rationale, per the bill's findings, is that asset limits discourage savings and financial stability among low-income households, while offering limited protection against ineligible recipients. States needing to change their own laws to comply would be given additional time to do so. Most provisions would take effect 30 days after enactment, except the SSI changes, which would apply retroactively to January 1, 2024. The bill was introduced in the House on July 25, 2024, by Rep. Jimmy Gomez and several cosponsors, and was referred to the Committees on Ways and Means, Agriculture, Energy and Commerce, and Education and the Workforce. It has not received a vote and would need committee action and floor votes in both chambers, plus presidential approval, to become law.
- Has H.R. 9149 become law?
- Not yet. As of 25 Jul 2024, H.R. 9149 is introduced.
- Who sponsored H.R. 9149?
- H.R. 9149 was sponsored by Rep. Jimmy Gomez [D-CA34] (Democrat-CA), with 8 cosponsors.
- What's the latest action on H.R. 9149?
- Introduced (25 Jul 2024).
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