II 

110TH CONGRESS 

1ST SESSION S. 591 

To amend the Food Stamp Act of 1977 to adjust for inflation the allowable 

amounts of financial resources of eligible households and to exclude 

from countable financial resources certain retirement and education accounts. 

IN THE SENATE OF THE UNITED STATES 

FEBRUARY 14, 2007 

Mr. CHAMBLISS (for himself, Mr. HARKIN, Mr. ROBERTS, Mrs. LINCOLN, Mr. 

COCHRAN, and Mr. LEAHY) introduced the following bill; which was read 

twice and referred to the Committee on Agriculture, Nutrition, and Forestry 

A BILL 

To amend the Food Stamp Act of 1977 to adjust for inflation the allowable amounts of financial resources of eligible households and to exclude from countable financial 

resources certain retirement and education accounts. 

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. 

4 This Act may be cited as the ‘‘Food Stamp Personal 

5 Savings and Investment Act of 2007’’. 


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1 SEC. 2. ALLOWABLE FINANCIAL RESOURCES. 

2 Section 5(g) of the Food Stamp Act of 1977 (7 

3 U.S.C. 2014(g)) is amended— 

4 (1) by striking ‘‘(g)(1) The Secretary’’ and in5 serting the following: 

6 ‘‘(g) ALLOWABLE FINANCIAL RESOURCES.— 

7 ‘‘(1) TOTAL AMOUNT.— 

8 ‘‘(A) IN GENERAL.—The Secretary’’. 

9 (2) in subparagraph (A) (as designated by 

10 paragraph (1)— 

11 (A) by inserting ‘‘(as adjusted in accord12 ance with subparagraph (B))’’ after ‘‘$2,000’’; 

13 and 

14 (B) by inserting ‘‘(as adjusted in accord15 ance with subparagraph (B))’’ after ‘‘$3,000’’; 

16 and 

17 (3) by adding at the end the following: 

18 ‘‘(B) ADJUSTMENT FOR INFLATION.— 

19 ‘‘(i) IN GENERAL.—Beginning on Oc20 tober 1, 2007, and each October 1 there21 after, the amounts in subparagraph (A) 

22 shall be adjusted to the nearest $100 in23 crement to reflect changes for the 12- 

24 month period ending the preceding June in 

25 the Consumer Price Index for All Urban 

26 Consumers published by the Bureau of 


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1 Labor Statistics of the Department of 

2 Labor. 

3 ‘‘(ii) REQUIREMENT.—Each adjust4 ment under clause (i) shall be based on the 

5 unrounded amount for the prior 12-month 

6 period.’’. 

7 SEC. 3. EXCLUSION OF RETIREMENT ACCOUNTS FROM 

8 COUNTABLE FINANCIAL RESOURCES. 

9 (a) IN GENERAL.—Section 5(g)(2)(B)(v) of the Food 

10 Stamp Act of 1977 (7 U.S.C. 2014(g)(2)(B)(v)) is amend11 ed by striking ‘‘or retirement account (including an indi12 vidual account)’’ and inserting ‘‘account’’. 

13 (b) MANDATORY AND DISCRETIONARY EXCLU14 SIONS.—Section 5(g) of the Food Stamp Act of 1977 (7 

15 U.S.C. 2014(g)) is amended by adding at the end the fol16 lowing: 

17 ‘‘(7) EXCLUSION OF RETIREMENT ACCOUNTS

18 FROM COUNTABLE FINANCIAL RESOURCES.— 

19 ‘‘(A) MANDATORY EXCLUSIONS.—The Sec20 retary shall exclude from financial resources 

21 under this subsection the value of any funds in 

22 a plan, contract, or account, described in sec23 tions 401(a), 403(a), 403(b), 408, 408A, 

24 457(b), and 501(c)(18) of the Internal Revenue 

25 Code of 1986 and the value of funds in a FedVerDate Aug 31 2005 02:28 Feb 17, 2007 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S591.IS S591

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1 eral Thrift Savings Plan account as provided in 

2 section 8439 of title 5, United States Code. 

3 ‘‘(B) DISCRETIONARY EXCLUSIONS.—The 

4 Secretary may exclude from financial resources 

5 under this subsection the value of any other re6 tirement plans, contracts, or accounts (as deter7 mined by the Secretary through regulation).’’. 

8 SEC. 4. EXCLUSION OF EDUCATION ACCOUNTS FROM 

9 COUNTABLE FINANCIAL RESOURCES. 

10 Section 5(g) of the Food Stamp Act of 1977 (7 

11 U.S.C. 2014(g)) (as amended by section 3) is amended 

12 by adding at the end the following: 

13 ‘‘(8) EXCLUSION OF EDUCATION ACCOUNTS

14 FROM COUNTABLE FINANCIAL RESOURCES.— 

15 ‘‘(A) MANDATORY EXCLUSIONS.—The Sec16 retary shall exclude from financial resources 

17 under this subsection the value of any funds in 

18 a qualified tuition program described in section 

19 529 of the Internal Revenue Code of 1986 or 

20 in a Coverdell education savings account under 

21 section 530 of that Code. 

22 ‘‘(B) DISCRETIONARY EXCLUSIONS.—The 

23 Secretary may exclude from financial resources 

24 under this subsection the value of any other 

25 education programs, contracts, or accounts (as 


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1 determined by the Secretary through regula2 tion).’’. 

Æ 


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