Senators Chris Coons (D-DE) and Sherrod Brown (D-OH) and Representatives TJ Cox (D-CA), Kim Schrier (D-WA), and Jimmy Gomez (D-CA) introduced the “Allowing Steady Savings by Eliminating Tests (ASSET) Act” on February 11. The bill proposes eliminating asset limits for the Temporary Assistance for Needy Families (TANF) program, Supplemental Nutrition Assistance Program (SNAP), and Low Income Home Energy Assistance Program (LIHEAP) and raising asset limits on Supplemental Security Income (SSI). The bill aims to improve financial security for low-income Americans and remove barriers to program applicants.
TANF, SSI, LIHEAP, and SNAP provide vital assistance to help low-income households afford basic necessities like food, shelter, and heating for their homes. Asset limits can prevent households from meeting eligibility requirements for these programs and are often set so low it becomes difficult for enrolled households to save money without losing benefits. Recognizing this problem, some states have already removed asset limits for applicants.
The ASSET Act would prohibit states from applying asset limits for TANF, SNAP, and LIHEAP, while maintaining income-limit requirements. The bill would also increase the asset limit for SSI from $2,000 to $10,000 for an individual and from $3,000 to $20,000 for a couple, indexed to inflation in future years. The bill currently has eight co-sponsors and endorsements from NLIHC and other advocates.
Read a one-pager on the bill at: https://tinyurl.com/wngqjz8
Read Senator Coons’ press release at: https://tinyurl.com/u55cn7s
Read Senator Brown’s press release at: https://tinyurl.com/t7386pw
Read Rep. Cox’s press release at: https://tinyurl.com/w3grmdt
Read the bill text at: https://tinyurl.com/vyajkzb