A Democratic bill with 7 Democratic cosponsors · See all 7 cosponsors
Last activity — Read twice and referred to the Committee on Finance.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
The ASSET Act aims to eliminate asset limits for various federally funded, means-tested public assistance programs. This includes removing limits for programs funded by TANF grants, the Supplemental Nutrition Assistance Program (SNAP), and the Low-Income Home Energy Assistance Program (LIHEAP). Additionally, the bill updates and indexes resource limits for Supplemental Security Income (SSI). The legislation seeks to prevent families from avoiding savings or financial services to maintain eligibility for assistance.
Yes· 3 of 5
- Scored +8
Would households on low incomes be better off under this?
Removing asset limits allows low-income families to save more without losing eligibility for essential benefits.
- Scored +7
Is this likely to lift people out of poverty?
Eliminating asset limits for TANF, SNAP, and LIHEAP helps low-income families build savings and access assistance more easily.
- Scored +6
Would people over 65 be better off under this?
The bill increases resource limits for SSI and indexes them to inflation, benefiting seniors.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Improved Financial Security: By removing asset limits, the bill aims to prevent families from avoiding mainstream financial services or refraining from saving resources to weather unanticipated expenses (Section 2(a)(2)).
-
Increased Ability to Improve Circumstances: Eliminating asset limits is intended to stop the impediment of a family's ability to improve their financial circumstances and reduce dependence on public assistance (Section 2(a)(1)).
-
Higher Resource Limits for SSI: The bill increases the resource limit for individuals to $20,000 and for couples to $10,000 in calendar year 2026 (Section 6(a)(1)).
-
Protection Against Inflation for SSI: The new resource limits for SSI will be increased annually based on the Consumer Price Index for Elderly Consumers (Section 6(a)(2)).
-
Administrative Cost Savings: The bill notes that evidence from States that have already eliminated asset limits suggests administrative cost savings can outweigh increases in payments (Section 2(a)(4)).
Potential Negative Impacts for People
- No specific negative consequences are explicitly detailed within the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Demographic And Interest Groups
- Would households on low incomes be better off under this? — Removing asset limits allows low-income families to save more without losing eligibility for essential benefits. Would retired people be better off under this? — Updating and indexing SSI resource limits provides more security for retirees. Would people over 65 be better off under this? — The bill increases resource limits for SSI and indexes them to inflation, benefiting seniors.
- Social Issues And Justice
- Is this likely to lift people out of poverty? — Eliminating asset limits for TANF, SNAP, and LIHEAP helps low-income families build savings and access assistance more easily. Does this strengthen Social Security? — The bill increases resource limits for Supplemental Security Income and indexes them to inflation.
- 7/30/2026
- Read twice and referred to the Committee on Finance.
- 7 Cosponsors added.
- Introduced in Senate
5 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Tammy BaldwinDemocrat · Wisconsin
Cory BookerDemocrat · New Jersey
Kirsten GillibrandDemocrat · New York
Timothy KaineDemocrat · Virginia
John ReedDemocrat · Rhode Island
Brian SchatzDemocrat · Hawaii
Chris Van HollenDemocrat · Maryland