ASSET Act

The ASSET Act (S. 1809) proposes to eliminate or increase the "asset limits" that currently prevent many low-income individuals from qualifying for federal assistance if they have modest savings. Under this bill, states would be prohibited from counting a household’s savings or assets when determining eligibility for the Supplemental Nutrition Assistance Program (SNAP), Temporary Assistance for Needy Families (TANF), and the Low-Income Home Energy Assistance Program (LIHEAP).

Additionally, the bill significantly raises the amount of money individuals and couples can have in the bank while remaining eligible for Supplemental Security Income (SSI). For individuals, the limit would rise from $2,000 to $10,000, and for couples, it would increase from $3,000 to $20,000. These changes are intended to allow families and people with disabilities to build emergency savings without losing access to essential food, housing, and energy benefits.