ASSET Act
The source supplies the latest action, but no lifecycle stage.
Latest action (30 Jul 2026): Read twice and referred to the Committee on Finance.
What this bill does
The ASSET Act, introduced by Senator Coons, would eliminate asset limits for individuals and families applying for certain federally funded public assistance programs. Specifically, it aims to remove restrictions on savings and other resources for programs like Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), and the Low-Income Home Energy Assistance Program (LIHEAP). Additionally, the bill proposes to update and tie the resource limit for Supplemental Security Income (SSI) to inflation.
This legislation affects individuals and families who are eligible for means-tested public assistance programs but may currently be disqualified due to the value of their assets. The bill's sponsors state that eliminating these asset limits could help low-income families improve their financial security and reduce dependence on public assistance.
The bill was introduced in the Senate and referred to the Committee on Finance. As of its introduction date, no further legislative actions have occurred. If passed by the Senate and the House of Representatives, and signed by the President, the provisions of the act would generally take effect 30 days after enactment.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
30 Jul 2026
Read twice and referred to the Committee on Finance.
Common questions
- What does S. 5186 do?
- The ASSET Act, introduced by Senator Coons, would eliminate asset limits for individuals and families applying for certain federally funded public assistance programs. Specifically, it aims to remove restrictions on savings and other resources for programs like Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), and the Low-Income Home Energy Assistance Program (LIHEAP). Additionally, the bill proposes to update and tie the resource limit for Supplemental Security Income (SSI) to inflation. This legislation affects individuals and families who are eligible for means-tested public assistance programs but may currently be disqualified due to the value of their assets. The bill's sponsors state that eliminating these asset limits could help low-income families improve their financial security and reduce dependence on public assistance. The bill was introduced in the Senate and referred to the Committee on Finance. As of its introduction date, no further legislative actions have occurred. If passed by the Senate and the House of Representatives, and signed by the President, the provisions of the act would generally take effect 30 days after enactment.
- Has S. 5186 become law?
- The source does not supply a confirmed lifecycle stage for S. 5186. Check the latest action and official source below.
- Who sponsored S. 5186?
- S. 5186 was sponsored by Sen. Coons, Christopher A. [D-DE] (D-DE), with 7 cosponsors.
- What's the latest action on S. 5186?
- Read twice and referred to the Committee on Finance. (30 Jul 2026).
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