ASSET Act
The source supplies the latest action, but no lifecycle stage.
Latest action (25 Jul 2024): Read twice and referred to the Committee on Finance.
What this bill does
The ASSET Act, introduced in the Senate, would eliminate asset limits in certain federally funded public assistance programs. Specifically, it proposes to prohibit states from imposing asset or resource limits for programs funded by Temporary Assistance for Needy Families (TANF) grants. It would also remove asset limits for the Supplemental Nutrition Assistance Program (SNAP) and the Low-Income Home Energy Assistance Program (LIHEAP). Additionally, the bill would update and index the resource limit for Supplemental Security Income (SSI) benefits.
This legislation would affect individuals and families who receive or might be eligible for TANF, SNAP, LIHEAP, and SSI. By removing asset limits, the bill aims to allow recipients to save money and other resources without jeopardizing their eligibility for these programs. It also suggests that eliminating these limits could lead to administrative cost savings and reduce the financial insecurity of low-income families.
The ASSET Act was introduced in the Senate on July 25, 2024, and referred to the Committee on Finance. As it has just been introduced, it has not yet been voted on by the full Senate or the House of Representatives. If passed by both chambers and signed by the President, the changes would generally take effect 30 days after enactment, though some provisions have specific delayed effective dates or allow for delays if state legislation is required.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
25 Jul 2024
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 4784 do?
- The ASSET Act, introduced in the Senate, would eliminate asset limits in certain federally funded public assistance programs. Specifically, it proposes to prohibit states from imposing asset or resource limits for programs funded by Temporary Assistance for Needy Families (TANF) grants. It would also remove asset limits for the Supplemental Nutrition Assistance Program (SNAP) and the Low-Income Home Energy Assistance Program (LIHEAP). Additionally, the bill would update and index the resource limit for Supplemental Security Income (SSI) benefits. This legislation would affect individuals and families who receive or might be eligible for TANF, SNAP, LIHEAP, and SSI. By removing asset limits, the bill aims to allow recipients to save money and other resources without jeopardizing their eligibility for these programs. It also suggests that eliminating these limits could lead to administrative cost savings and reduce the financial insecurity of low-income families. The ASSET Act was introduced in the Senate on July 25, 2024, and referred to the Committee on Finance. As it has just been introduced, it has not yet been voted on by the full Senate or the House of Representatives. If passed by both chambers and signed by the President, the changes would generally take effect 30 days after enactment, though some provisions have specific delayed effective dates or allow for delays if state legislation is required.
- Has S. 4784 become law?
- The source does not supply a confirmed lifecycle stage for S. 4784. Check the latest action and official source below.
- Who sponsored S. 4784?
- S. 4784 was sponsored by Sen. Coons, Christopher A. [D-DE] (D-DE), with 9 cosponsors.
- What's the latest action on S. 4784?
- Read twice and referred to the Committee on Finance. (25 Jul 2024).
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