ASSET Act

To eliminate asset limits employed by certain federally funded means-tested public assistance programs, and for other purposes. 1. Short title; table of contents (a) Short title This Act may be cited as the Allowing Steady Savings by Eliminating Tests Act ASSET Act (b) Table of contents The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. 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. 2. Findings; sense of Congress (a) Findings Congress finds as follows: (1) Many means-tested public assistance programs limit eligibility for benefits on the basis of the assets of a family, such as savings and other resources. Such asset limits impede the ability of needy families to improve their financial circumstances and thereby reduce their dependence on public assistance programs. (2) Restricting eligibility for public assistance programs on the basis of assets negatively affects the financial security of low-income families. For example, to avoid losing eligibility for public assistance under an asset limit, a family may avoid mainstream financial services such as bank accounts, or refrain from acquiring and saving resources that would enable the family to weather an unanticipated expense. (3) The risk that people who don't need public assistance will take advantage of public assistance programs in the absence of asset limits is low, in part because most applicants for public assistance have very few assets, must meet strict work requirements, and usually may only participate in a program for a limited time. (4) Evidence from States that have eliminated asset limits suggests that the administrative cost savings associated with the elimination of asset limits outweigh any increases in payments made to beneficiaries. (b) Sense of Congress It is the sense of Congress that certain federally funded means-tested public assistance programs should not utilize asset limits to restrict eligibility for assistance under those programs. 3. States prohibited from imposing asset limits on programs funded by Temporary Assistance for Needy Families (TANF) grants (a) No State limitation on allowable financial resources Section 408(a) of the Social Security Act ( 42 U.S.C. 608(a) (13) No asset or resource limit A State to which a grant is made under section 403 shall not apply any asset or resource limit for eligibility of a family for any benefit, assistance, or service provided under the State program funded under this part. . (b) Conforming amendments Section 408(f) of the Social Security Act ( 42 U.S.C. 608(f) (1) in the matter preceding paragraph (1), by striking or resources (2) in paragraph (1)— (A) in the paragraph header, by striking and resources (B) by striking subparagraph (B); (C) by redesignating subparagraph (C) as subparagraph (B); and (D) in subparagraph (B) (as so redesignated), by striking and resources (c) Delay permitted if State legislation required (1) In general In the case of a State to which a grant is made under section 403 of the Social Security Act ( 42 U.S.C. 603 42 U.S.C. 608(a) (2) 2-year legislative session For purposes of paragraph (1), in the case of a State that has a 2-year legislative session, each year of the session shall be considered to be a separate regular session of the State legislature. 4. Eliminating asset limits in the supplemental nutrition assistance program (SNAP) (a) In general (1) Eligible households Section 5 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2014 (A) in subsection (a), in the first sentence, by striking and other financial resources (B) by striking subsections (g) and (j); (C) by redesignating subsections (h), (i), (k), (l), (m), and (n) as subsections (g), (h), (i), (j), (k), and (l), respectively; and (D) in subsection (h) (as so redesignated)— (i) in paragraph (1), by striking and resources (ii) in paragraph (2)— (I) by striking subparagraph (B); and (II) by redesignating subparagraphs (C) through (E) as subparagraphs (B) through (D), respectively. (2) Eligibility disqualifications Section 6 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015 (A) by striking subsection (h); and (B) by redesignating subsections (i) through (s) as subsections (h) through (r), respectively. (3) Research, demonstration, and evaluations Section 17 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2026 (A) by striking subsections (h) and (i); and (B) by redesignating subsections (j) through (n) as subsections (h) through (l), respectively. (b) Conforming amendments (1) Section 5 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2014 (A) in subsection (a), in the second sentence, by striking and (r) and (q) (B) in subsection (d)— (i) in paragraph (1), by striking subsection (k) subsection (i) (ii) in paragraph (10), by striking subsection (k) of this section subsection (i) (2) Section 6 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015 (A) in subsection (d)(4), by striking subsection (o) subsection (n) (B) in subsection (f), in the third sentence, by striking and financial resources (C) in subsection (q) (as redesignated by subsection (a)(2)(B)), in paragraph (1)(B), by striking subsection (k) subsection (j) (D) in subsection (r) (as redesignated by subsection (a)(2)(B)), in paragraph (2)— (i) by striking allowable financial resources and (ii) by striking (g), (i), (k), (l), (m), and (n) (h), (i), (j), (k), and (l) (3) Section 7(i)(1) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2016(i)(1) section 6(o)(2) of this Act section 6(n)(2) (4) Section 11(e)(22) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2020(e)(22) section 6(i) section 6(h) (5) Section 16 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2025 (A) in subsection (a)(9), by striking section 17(n) section 17(l) (B) in subsection (h)— (i) in paragraph (1)— (I) in subparagraph (B)(ii), by striking section 6(o) section 6(n) (II) in subparagraph (E)— (aa) by striking section 6(o)(3) section 6(n)(3) (bb) by striking section 6(o)(2) section 6(n)(2) (cc) in clause (ii)— (AA) in subclause (III), by striking section 6(o)(4) section 6(n)(4) (BB) in subclause (IV), by striking section 6(o)(6) section 6(n)(6) (III) in subparagraph (F)(ii)(III)(ee)(AA), by striking section 6(o) section 6(n) (ii) in paragraph (5)(C)(iv)(I), by striking section 6(o)(2) section 6(n)(2) (6) Section 17 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2026 (A) in subsection (k) (as redesignated by subsection (a)(3)(B))— (i) by striking subsections (l) through (n) subsections (k) through (m) (ii) in paragraph (2)(E), by striking section 6(l)(2) section 6(k)(2) (B) in subsection (l) (as redesignated by subsection (a)(3)(B)), in paragraph (4)(A)(i)(II), by striking and financial resources (as described in section 5(g)) (7) Section 18(g)(2) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2027(g)(2) section 5(h) section 5(g) (8) Section 103(a)(2)(D) of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3113(a)(2)(D) section 6(o) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(o) section 6(n) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(n) (9) Section 121(b)(2)(B)(iv) of the Workforce Innovation and Opportunity Act ( 29 U.S.C. 3151(b)(2)(B)(iv) section 6(o) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(o) section 6(n) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(n) (10) Section 454 of the Social Security Act ( 42 U.S.C. 654 (A) in paragraph (4)(A)(i), by striking section 6(l)(1) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(l)(1) section 6(k)(1) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(k)(1) (B) in paragraph (6)(B)(i), by striking subsection (l) or (m) of section 6 of the Food and Nutrition Act of 2008 subsection (k) or (l) of section 6 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015 (C) in paragraph (29)(A)(ii), by striking section 6(l)(2) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(l)(2) section 6(k)(2) of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2015(k)(2) (c) Delay permitted if State legislation required (1) In general In the case of a State plan under section 11 of the Food and Nutrition Act of 2008 ( 7 U.S.C. 2020 7 U.S.C. 2020 (2) Legislative session For purposes of paragraph (1), in the case of a State that has a 2-year legislative session, each year of the session shall be considered a separate regular session of the State legislature. 5. Eliminating asset limit in Low-Income Home Energy Assistance Program (LIHEAP) (a) Elimination of limitations on allowable financial resources Section 2605(b)(2) of the Low-Income Home Energy Assistance Act of 1981 ( 42 U.S.C. 8624(b)(2) , and agrees that a State may not exclude a household from eligibility in a fiscal year solely or partially on the basis of the assets of 1 or more members of the household (b) Delay permitted if State legislation required (1) In general In the case of a State plan under section 2605 of the Low-Income Home Energy Assistance Act of 1981 ( 42 U.S.C. 8624 (2) 2-year legislative session For purposes of paragraph (1), in the case of a State that has a 2-year legislative session, each year of the session shall be considered to be a separate regular session of the State legislature. 6. Updating and indexing the resource limit for supplemental security income (SSI) (a) In general (1) Update in resource limit for individuals and couples Section 1611(a)(3) of such Act ( 42 U.S.C. 1382(a)(3) (A) in subparagraph (A), by striking $2,250 $20,000 in calendar year 2021, and shall be increased as described in section 1617(d) for each subsequent calendar year. (B) in subparagraph (B), by striking $1,500 $10,000 in calendar year 2021, and shall be increased as described in section 1617(d) for each subsequent calendar year. (2) Inflation adjustment Section 1617 of such Act ( 42 U.S.C. 1382f (A) in the section heading, by inserting ; inflation adjustment benefits (B) by adding at the end the following: (d) In the case of any calendar year after 2021, each of the amounts specified in section 1611(a)(3) shall be increased by multiplying each such amount by the quotient (not less than 1) obtained by dividing— (1) the average of the Consumer Price Index for Elderly Consumers (CPI–E, as published by the Bureau of Labor Statistics of the Department of Labor) for the 12-month period ending with September of the preceding calendar year, by (2) such average for the 12-month period ending with September 2020. . (b) Effective date The amendments made by this section shall take effect as if enacted on January 1, 2021. 7. Effective date Except as otherwise provided, the amendments made by this Act shall apply to benefits for calendar months beginning on or after the date that is 30 days after the date of enactment of this Act.

Summary: Allowing Steady Savings by Eliminating Tests Act or the ASSET Act This bill prohibits the use of asset tests or resource limits in certain means-tested public assistance programs and increases the resource limits to qualify for Supplemental Security Income (SSI). SSI is a federal income supplement program designed to help aged, blind, and disabled individuals with limited income and resources meet basic needs. Under the bill, states may not use asset or resource limits to determine eligibility for (1) programs funded by Temporary Assistance for Needy Families grants, (2) the Supplemental Nutrition Assistance Program, or (3) the Low-Income Home Energy Assistance Program. In addition, an individual may have up to $10,000 in certain resources (or up to $20,000 for a couple) and qualify for SSI. Under current law, the limit is $2,000 for an individual (or $3,000 for a couple).