ASSET Act

The "Allowing Steady Savings by Eliminating Tests Act," or ASSET Act, seeks to remove asset-based eligibility restrictions for various federal public assistance programs. Congress finds that existing asset limits hinder low-income families from building financial security and can force them to avoid mainstream financial services, while also noting that eliminating these limits could lead to administrative cost savings. Specifically, the bill prohibits states from applying any asset or resource limits for eligibility in programs funded by Temporary Assistance for Needy Families (TANF) grants. It also eliminates asset limits within the Supplemental Nutrition Assistance Program (SNAP) by striking relevant sections of the Food and Nutrition Act of 2008. Similarly, the bill amends the Low-Income Home Energy Assistance Act of 1981 to prevent states from excluding households from Low-Income Home Energy Assistance Program (LIHEAP) eligibility based on assets. For Supplemental Security Income (SSI) , the legislation significantly increases the resource limits for individuals from $2,250 to $20,000 and for couples from $3,000 to $10,000, effective January 1, 2026. These updated limits will also be indexed annually for inflation using the Consumer Price Index for Elderly Consumers (CPI-E). The bill includes provisions to delay implementation for states requiring legislative changes.