ASSET Act
The ASSET Act removes asset limits from key federal assistance programs, allowing low-income families to save money without losing eligibility. It eliminates restrictions on savings for Temporary Assistance for Needy Families (TANF), Supplemental Nutrition Assistance Program (SNAP), and Low-Income Home Energy Assistance Program (LIHEAP) benefits. The bill also updates Supplemental Security Income (SSI) resource limits to $20,000 for individuals and $10,000 for couples in 2024, with annual inflation adjustments. These changes directly affect millions of households who previously faced barriers to building financial security while receiving public assistance.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2024
Committee Review
Floor Vote
President
Introduced Jul 25, 2024
Last action Jul 25, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 25, 2024
Committee
Read twice and referred to the Committee on Finance.
upper
Jul 25, 2024
Introduced
Introduced in Senate
upper
1 primary · 9 co-sponsors
Sponsors
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