ASSET Act

Hozzl · 2022-02-09T02:28:07Z

Explore the details of House Bill 5848 ASSET Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Social Welfare. Stay informed on legislative developments.

2/9/2022, 2:28 AM

Congressional Summary of HR 5848

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).

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Current Status of Bill HR 5848

Bill HR 5848 is currently in the status of Bill Introduced since February 11, 2020. Bill HR 5848 was introduced during Congress 116 and was introduced to the House on February 11, 2020. Bill HR 5848's most recent activity was Referred to the Subcommittee on Nutrition, Oversight, and Department Operations. as of March 5, 2020

Bipartisan Support of Bill HR 5848

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 5848

Primary Policy Focus

Social Welfare

Potential Impact Areas

Employment and training programsEnergy assistance for the poor and agedFood assistance and reliefInflation and pricesMarriage and family statusPoverty and welfare assistanceState and local government operations

Alternate Title(s) of Bill HR 5848

ASSET ActTo eliminate asset limits employed by certain federally funded means-tested public assistance programs, and for other purposes.ASSET ActAllowing Steady Savings by Eliminating Tests Act

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