ASSET Act

Hozzl · 2022-02-08T23:22:56Z

Explore the details of Senate Bill 3276 ASSET Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Social Welfare. Stay informed on legislative developments.

2/8/2022, 11:22 PM

Congressional Summary of S 3276

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 S 3276

Bill S 3276 is currently in the status of Bill Introduced since February 11, 2020. Bill S 3276 was introduced during Congress 116 and was introduced to the Senate on February 11, 2020. Bill S 3276's most recent activity was Read twice and referred to the Committee on Finance. as of February 11, 2020