ASSET Act

The "Allowing Steady Savings by Eliminating Tests Act," or ASSET Act, seeks to remove asset-based eligibility restrictions across several key federally funded public assistance programs. Congress finds that existing asset limits hinder low-income families from building financial security and saving for emergencies, often forcing them to avoid mainstream financial services. Evidence suggests that eliminating these limits can lead to administrative cost savings that outweigh any potential increase in beneficiary payments.

A core provision of the bill prohibits states from imposing asset or resource limits for eligibility in programs funded by Temporary Assistance for Needy Families (TANF) grants. Similarly, it amends the Food and Nutrition Act of 2008 to eliminate asset limits for the Supplemental Nutrition Assistance Program (SNAP). The bill also requires states participating in the Low-Income Home Energy Assistance Program (LIHEAP) to cease excluding households based on their assets.

Furthermore, the ASSET Act significantly updates and indexes the resource limits for the Supplemental Security Income (SSI) program. For individuals, the resource limit will increase from $2,250 to $20,000, and for couples, it will rise from $1,500 to $10,000, effective January 1, 2026. These new limits will be adjusted annually based on the Consumer Price Index for Elderly Consumers (CPI-E) to account for inflation.