ASSET Act
The ASSET Act eliminates asset limits for low-income households applying for federal assistance programs like Temporary Assistance for Needy Families (TANF), SNAP (food assistance), and LIHEAP (energy help). This means families can save money in bank accounts or build financial resources without risking loss of benefits. The bill also updates Supplemental Security Income (SSI) resource limits to $20,000 for individuals and $10,000 for couples in 2024, with future annual inflation adjustments. The changes take effect 30 days after the bill's enactment, with states given up to two years to implement if new legislation is needed.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2024
Committee Review
Floor Vote
President
Introduced Jul 25, 2024
Last action Dec 17, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
4
Key actions
0
Committee
3
Dec 17, 2024
Committee
Referred to the Subcommittee on Work and Welfare.
lower
Sep 3, 2024
Committee
Referred to the Subcommittee on Nutrition, Foreign Agriculture, and Horticulture.
lower
Jul 25, 2024
Committee
Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Energy and Commerce, and Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
lower
Jul 25, 2024
Introduced
Introduced in House
lower
1 primary · 8 co-sponsors
Sponsors
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