II 

118TH CONGRESS 

2D SESSION S. 4784 

To eliminate asset limits employed by certain federally funded means-tested 

public assistance programs, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 25, 2024 

Mr. COONS (for himself, Mr. BROWN, Mr. KAINE, Mr. SCHATZ, Mr. VAN

HOLLEN, Mr. CASEY, Mr. WELCH, Mr. BOOKER, Mr. REED, and Ms. 

BALDWIN) introduced the following bill; which was read twice and referred to the Committee on Finance 

A BILL 

To eliminate asset limits employed by certain federally funded means-tested public assistance programs, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 

4 (a) SHORT TITLE.—This Act may be cited as the 

5 ‘‘Allowing Steady Savings by Eliminating Tests Act’’ or 

6 the ‘‘ASSET Act’’. 

7 (b) TABLE OF CONTENTS.—The table of contents for 

8 this Act is as follows: 

Sec. 1. Short title; table of contents. 


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Sec. 2. Findings; sense of Congress. 

Sec. 3. States prohibited from imposing asset limits on programs funded by 

Temporary Assistance for Needy Families (TANF) grants. 

Sec. 4. Eliminating asset limits in the supplemental nutrition assistance program (SNAP). 

Sec. 5. Eliminating asset limit in Low-Income Home Energy Assistance Program (LIHEAP). 

Sec. 6. Updating and indexing the resource limit for supplemental security income (SSI). 

Sec. 7. Effective date. 

1 SEC. 2. FINDINGS; SENSE OF CONGRESS. 

2 (a) FINDINGS.—Congress finds as follows: 

3 (1) Many means-tested public assistance pro4 grams limit eligibility for benefits on the basis of the 

5 assets of a family, such as savings and other re6 sources. Such asset limits impede the ability of 

7 needy families to improve their financial cir8 cumstances and thereby reduce their dependence on 

9 public assistance programs. 

10 (2) Restricting eligibility for public assistance 

11 programs on the basis of assets negatively affects 

12 the financial security of low-income families. For ex13 ample, to avoid losing eligibility for public assistance 

14 under an asset limit, a family may avoid mainstream 

15 financial services such as bank accounts, or refrain 

16 from acquiring and saving resources that would en17 able the family to weather an unanticipated expense. 

18 (3) The risk that people who don’t need public 

19 assistance will take advantage of public assistance 

20 programs in the absence of asset limits is low, in 


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1 part because most applicants for public assistance 

2 have very few assets, must meet strict work require3 ments, and usually may only participate in a pro4 gram for a limited time. 

5 (4) Evidence from States that have eliminated 

6 asset limits suggests that the administrative cost 

7 savings associated with the elimination of asset lim8 its outweigh any increases in payments made to 

9 beneficiaries. 

10 (b) SENSE OF CONGRESS.—It is the sense of Con11 gress that certain federally funded means-tested public as12 sistance programs should not utilize asset limits to restrict 

13 eligibility for assistance under those programs. 

14 SEC. 3. STATES PROHIBITED FROM IMPOSING ASSET LIM15 ITS ON PROGRAMS FUNDED BY TEMPORARY 

16 ASSISTANCE FOR NEEDY FAMILIES (TANF) 

17 GRANTS. 

18 (a) NO STATE LIMITATION ON ALLOWABLE FINAN19 CIAL RESOURCES.—Section 408(a) of the Social Security 

20 Act (42 U.S.C. 608(a)) is amended by adding at the end 

21 the following new paragraph: 

22 ‘‘(13) NO ASSET OR RESOURCE LIMIT.—A State 

23 to which a grant is made under section 403 shall not 

24 apply any asset or resource limit for eligibility of a 


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1 family for any benefit, assistance, or service provided 

2 under the State program funded under this part.’’. 

3 (b) CONFORMING AMENDMENTS.—Section 408(f) of 

4 the Social Security Act (42 U.S.C. 608(f)) is amended— 

5 (1) in the matter preceding paragraph (1), by 

6 striking ‘‘or resources’’; and 

7 (2) in paragraph (1)— 

8 (A) in the paragraph heading, by striking 

9 ‘‘AND RESOURCES’’; 

10 (B) by striking subparagraph (B); 

11 (C) by redesignating subparagraph (C) as 

12 subparagraph (B); and 

13 (D) in subparagraph (B) (as so redesig14 nated), by striking ‘‘and resources’’ each place 

15 it appears. 

16 (c) DELAY PERMITTED IF STATE LEGISLATION RE17 QUIRED.— 

18 (1) IN GENERAL.—In the case of a State to 

19 which a grant is made under section 403 of the So20 cial Security Act (42 U.S.C. 603) that the Secretary 

21 of Health and Human Services determines requires 

22 State legislation (other than legislation appro23 priating funds) to meet the requirements of para24 graph (13) of section 408(a) of such Act (42 U.S.C. 

25 608(a)), such State shall not be regarded as failing 


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1 to comply with the requirements of such paragraph 

2 before the first day of the first calendar quarter that 

3 begins after the close of the first regular session of 

4 the State legislature that begins after the date of en5 actment of this Act. 

6 (2) 2-YEAR LEGISLATIVE SESSION.—For pur7 poses of paragraph (1), in the case of a State that 

8 has a 2-year legislative session, each year of the ses9 sion shall be considered to be a separate regular ses10 sion of the State legislature. 

11 SEC. 4. ELIMINATING ASSET LIMITS IN THE SUPPLE12 MENTAL NUTRITION ASSISTANCE PROGRAM 

13 (SNAP). 

14 (a) IN GENERAL.— 

15 (1) ELIGIBLE HOUSEHOLDS.—Section 5 of the 

16 Food and Nutrition Act of 2008 (7 U.S.C. 2014) is 

17 amended— 

18 (A) in subsection (a), in the first sentence, 

19 by striking ‘‘and other financial resources’’; 

20 (B) by striking subsections (g) and (j); 

21 (C) by redesignating subsections (h), (i), 

22 (k), (l), (m), and (n) as subsections (g), (h), (i), 

23 (j), (k), and (l), respectively; and 

24 (D) in subsection (h) (as so redesig25 nated)— 


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1 (i) in paragraph (1), by striking ‘‘and 

2 resources’’ each place it appears; and 

3 (ii) in paragraph (2)— 

4 (I) by striking subparagraph (B); 

5 and 

6 (II) by redesignating subpara7 graphs (C) through (E) as subpara8 graphs (B) through (D), respectively. 

9 (2) ELIGIBILITY DISQUALIFICATIONS.—Section 

10 6 of the Food and Nutrition Act of 2008 (7 U.S.C. 

11 2015) is amended— 

12 (A) by striking subsection (h); and 

13 (B) by redesignating subsections (i) 

14 through (s) as subsections (h) through (r), re15 spectively. 

16 (3) RESEARCH, DEMONSTRATION, AND EVALUA17 TIONS.—Section 17 of the Food and Nutrition Act 

18 of 2008 (7 U.S.C. 2026) is amended— 

19 (A) by striking subsections (h) and (i); and 

20 (B) by redesignating subsections (j) 

21 through (n) as subsections (h) through (l), re22 spectively. 

23 (b) CONFORMING AMENDMENTS.— 

24 (1) Section 5 of the Food and Nutrition Act of 

25 2008 (7 U.S.C. 2014) is amended— 


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1 (A) in subsection (a), in the second sen2 tence, by striking ‘‘and (r)’’ and inserting ‘‘and 

3 (q)’’; and 

4 (B) in subsection (d)— 

5 (i) in paragraph (1), by striking ‘‘sub6 section (k)’’ and inserting ‘‘subsection (i)’’; 

7 and 

8 (ii) in paragraph (10), by striking 

9 ‘‘subsection (k) of this section’’ and insert10 ing ‘‘subsection (i)’’. 

11 (2) Section 6 of the Food and Nutrition Act of 

12 2008 (7 U.S.C. 2015) is amended— 

13 (A) in subsection (d)(4), by striking ‘‘sub14 section (o)’’ each place it appears and inserting 

15 ‘‘subsection (n)’’; 

16 (B) in subsection (f), in the third sentence, 

17 by striking ‘‘and financial resources’’; 

18 (C) in subsection (q) (as redesignated by 

19 subsection (a)(2)(B)), in paragraph (1)(B), by 

20 striking ‘‘subsection (k)’’ and inserting ‘‘sub21 section (j)’’; and 

22 (D) in subsection (r) (as redesignated by 

23 subsection (a)(2)(B)), in paragraph (2)— 

24 (i) by striking ‘‘allowable financial re25 sources and’’; and 


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1 (ii) by striking ‘‘(g), (i), (k), (l), (m), 

2 and (n)’’ and inserting ‘‘(h), (i), (j), (k), 

3 and (l)’’. 

4 (3) Section 7(i)(1) of the Food and Nutrition 

5 Act of 2008 (7 U.S.C. 2016(i)(1)) is amended by 

6 striking ‘‘section 6(o)(2) of this Act’’ and inserting 

7 ‘‘section 6(n)(2)’’. 

8 (4) Section 11(e)(22) of the Food and Nutri9 tion Act of 2008 (7 U.S.C. 2020(e)(22)) is amended 

10 by striking ‘‘section 6(i)’’ and inserting ‘‘section 

11 6(h)’’. 

12 (5) Section 16 of the Food and Nutrition Act 

13 of 2008 (7 U.S.C. 2025) is amended— 

14 (A) in subsection (a)(9), by striking ‘‘sec15 tion 17(n)’’ and inserting ‘‘section 17(l)’’; and 

16 (B) in subsection (h)— 

17 (i) in paragraph (1)— 

18 (I) in subparagraph (B)(ii), by 

19 striking ‘‘section 6(o)’’ and inserting 

20 ‘‘section 6(n)’’; 

21 (II) in subparagraph (E)— 

22 (aa) by striking ‘‘section 

23 6(o)(3)’’ each place it appears 

24 and inserting ‘‘section 6(n)(3)’’; 


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1 (bb) by striking ‘‘section 

2 6(o)(2)’’ each place it appears 

3 and inserting ‘‘section 6(n)(2)’’; 

4 and 

5 (cc) in clause (ii)— 

6 (AA) in subclause (III), 

7 by striking ‘‘section 6(o)(4)’’ 

8 and inserting ‘‘section 

9 6(n)(4)’’; and 

10 (BB) in subclause (IV), 

11 by striking ‘‘section 6(o)(6)’’ 

12 and inserting ‘‘section 

13 6(n)(6)’’; and 

14 (III) in subparagraph 

15 (F)(ii)(III)(ee)(AA), by striking ‘‘sec16 tion 6(o)’’ and inserting ‘‘section 

17 6(n)’’; and 

18 (ii) in paragraph (5)(C)(iv)(I), by 

19 striking ‘‘section 6(o)(2)’’ and inserting 

20 ‘‘section 6(n)(2)’’. 

21 (6) Section 17 of the Food and Nutrition Act 

22 of 2008 (7 U.S.C. 2026) is amended— 

23 (A) in subsection (k) (as redesignated by 

24 subsection (a)(3)(B))— 


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1 (i) by striking ‘‘subsections (l) 

2 through (n)’’ each place it appears and in3 serting ‘‘subsections (k) through (m)’’; and 

4 (ii) in paragraph (2)(E), by striking 

5 ‘‘section 6(l)(2)’’ and inserting ‘‘section 

6 6(k)(2)’’; and 

7 (B) in subsection (l) (as redesignated by 

8 subsection (a)(3)(B)), in paragraph 

9 (4)(A)(i)(II), by striking ‘‘and financial re10 sources (as described in section 5(g))’’. 

11 (7) Section 18(g)(2) of the Food and Nutrition 

12 Act of 2008 (7 U.S.C. 2027(g)(2)) is amended by 

13 striking ‘‘section 5(h)’’ and inserting ‘‘section 5(g)’’. 

14 (8) Section 103(a)(2)(D) of the Workforce In15 novation and Opportunity Act (29 U.S.C. 

16 3113(a)(2)(D)) is amended by striking ‘‘section 6(o) 

17 of the Food and Nutrition Act of 2008 (7 U.S.C. 

18 2015(o))’’ and inserting ‘‘section 6(n) of the Food 

19 and Nutrition Act of 2008 (7 U.S.C. 2015(n))’’. 

20 (9) Section 121(b)(2)(B)(iv) of the Workforce 

21 Innovation and Opportunity Act (29 U.S.C. 

22 3151(b)(2)(B)(iv)) is amended by striking ‘‘section 

23 6(o) of the Food and Nutrition Act of 2008 (7 

24 U.S.C. 2015(o))’’ and inserting ‘‘section 6(n) of the 


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1 Food and Nutrition Act of 2008 (7 U.S.C. 

2 2015(n))’’. 

3 (10) Section 454 of the Social Security Act (42 

4 U.S.C. 654) is amended— 

5 (A) in paragraph (4)(A)(i), by striking 

6 ‘‘section 6(l)(1) of the Food and Nutrition Act 

7 of 2008 (7 U.S.C. 2015(l)(1))’’ and inserting 

8 ‘‘section 6(k)(1) of the Food and Nutrition Act 

9 of 2008 (7 U.S.C. 2015(k)(1))’’; 

10 (B) in paragraph (6)(B)(i), by striking 

11 ‘‘subsection (l) or (m) of section 6 of the Food 

12 and Nutrition Act of 2008’’ and inserting ‘‘sub13 section (k) or (l) of section 6 of the Food and 

14 Nutrition Act of 2008 (7 U.S.C. 2015)’’; and 

15 (C) in paragraph (29)(A)(ii), by striking 

16 ‘‘section 6(l)(2) of the Food and Nutrition Act 

17 of 2008 (7 U.S.C. 2015(l)(2))’’ and inserting 

18 ‘‘section 6(k)(2) of the Food and Nutrition Act 

19 of 2008 (7 U.S.C. 2015(k)(2))’’. 

20 (c) DELAY PERMITTED IF STATE LEGISLATION RE21 QUIRED.— 

22 (1) IN GENERAL.—In the case of a State plan 

23 under section 11 of the Food and Nutrition Act of 

24 2008 (7 U.S.C. 2020) that the Secretary of Agri25 culture determines requires State legislation (other 


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1 than legislation appropriating funds) in order for the 

2 plan to meet the additional requirements imposed by 

3 the amendments made by this section, the State 

4 plan shall not be regarded as failing to comply with 

5 the requirements of section 11 of the Food and Nu6 trition Act of 2008 (7 U.S.C. 2020) solely on the 

7 basis of the failure of the plan to meet those addi8 tional requirements before the first day of the first 

9 calendar quarter that begins after the close of the 

10 first regular session of the State legislature that be11 gins after the date of enactment of this Act. 

12 (2) LEGISLATIVE SESSION.—For purposes of 

13 paragraph (1), in the case of a State that has a 2- 

14 year legislative session, each year of the session shall 

15 be considered a separate regular session of the State 

16 legislature. 

17 SEC. 5. ELIMINATING ASSET LIMIT IN LOW-INCOME HOME 

18 ENERGY ASSISTANCE PROGRAM (LIHEAP). 

19 (a) ELIMINATION OF LIMITATIONS ON ALLOWABLE

20 FINANCIAL RESOURCES.—Section 2605(b)(2) of the Low21 Income Home Energy Assistance Act of 1981 (42 U.S.C. 

22 8624(b)(2)) is amended, in the matter following subpara23 graph (B), by inserting ‘‘, and agrees that the State may 

24 not exclude a household from eligibility in a fiscal year 


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1 solely or partially on the basis of the assets of 1 or more 

2 members of the household’’ before the semicolon. 

3 (b) DELAY PERMITTED IF STATE LEGISLATION RE4 QUIRED.— 

5 (1) IN GENERAL.—In the case of a State plan 

6 under section 2605 of the Low-Income Home En7 ergy Assistance Act of 1981 (42 U.S.C. 8624) that 

8 the Secretary of Health and Human Services deter9 mines requires State legislation (other than legisla10 tion appropriating funds) in order for the plan to 

11 meet the additional requirements imposed by the 

12 amendment made by this section, the State plan 

13 shall not be regarded as failing to comply with the 

14 requirements of such section 2605 solely on the 

15 basis of the failure of the plan to meet those addi16 tional requirements before the first day of the first 

17 calendar quarter that begins after the close of the 

18 first regular session of the State legislature that be19 gins after the date of enactment of this Act. 

20 (2) 2-YEAR LEGISLATIVE SESSION.—For pur21 poses of paragraph (1), in the case of a State that 

22 has a 2-year legislative session, each year of the ses23 sion shall be considered to be a separate regular ses24 sion of the State legislature. 


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1 SEC. 6. UPDATING AND INDEXING THE RESOURCE LIMIT 

2 FOR SUPPLEMENTAL SECURITY INCOME 

3 (SSI). 

4 (a) IN GENERAL.— 

5 (1) UPDATE IN RESOURCE LIMIT FOR INDIVID6 UALS AND COUPLES.—Section 1611(a)(3) of such 

7 Act (42 U.S.C. 1382(a)(3)) is amended— 

8 (A) in subparagraph (A), by striking 

9 ‘‘$2,250’’ and all that follows through the end 

10 of the subparagraph and inserting ‘‘$20,000 in 

11 calendar year 2024, and shall be increased as 

12 described in section 1617(d) for each subse13 quent calendar year.’’; and 

14 (B) in subparagraph (B), by striking 

15 ‘‘$1,500’’ and all that follows through the end 

16 of the subparagraph and inserting ‘‘$10,000 in 

17 calendar year 2024, and shall be increased as 

18 described in section 1617(d) for each subse19 quent calendar year.’’. 

20 (2) INFLATION ADJUSTMENT.—Section 1617 of 

21 such Act (42 U.S.C. 1382f) is amended— 

22 (A) in the section heading, by inserting ‘‘; 

23 INFLATION ADJUSTMENT’’ after ‘‘BENEFITS’’; 

24 and 

25 (B) by adding at the end the following: 


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1 ‘‘(d) In the case of any calendar year after 2024, each 

2 of the amounts specified in section 1611(a)(3) shall be in3 creased by multiplying each such amount by the quotient 

4 (not less than 1) obtained by dividing— 

5 ‘‘(1) the average of the Consumer Price Index 

6 for Elderly Consumers (CPI–E, as published by the 

7 Bureau of Labor Statistics of the Department of 

8 Labor) for the 12-month period ending with Sep9 tember of the preceding calendar year, by 

10 ‘‘(2) such average for the 12-month period end11 ing with September 2023.’’. 

12 (b) EFFECTIVE DATE.—The amendments made by 

13 this section shall take effect as if enacted on January 1, 

14 2024. 

15 SEC. 7. EFFECTIVE DATE. 

16 Except as otherwise provided, the amendments made 

17 by this Act shall apply to benefits for calendar months 

18 beginning on or after the date that is 30 days after the 

19 date of enactment of this Act. 

Æ 


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