ASSET Act

Key Points

• The bill would ban states from denying Temporary Assistance for Needy Families (TANF) cash aid based on a family's savings or other assets.
• It removes asset and financial resource tests from SNAP food assistance eligibility rules nationwide.
• States would no longer be allowed to turn away households from LIHEAP home energy assistance because of their savings or property.
• SSI's savings limits, unchanged for decades, would jump to $20,000 and $10,000 depending on marital status starting in 2026, and then rise automatically each year with inflation.
• Congress argues these limits currently push families to avoid banks and savings, and that ending them costs little because most applicants have very few assets already.
• The new rules would apply to benefits starting 30 days after the law is signed, though states needing to pass their own legislation first could get more time.