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Titles (3)

Short Titles

Short Titles - Senate

Short Title(s) as Introduced

Allowing Steady Savings by Eliminating Tests Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to eliminate asset limits employed by certain federally funded means-tested public assistance programs, and for other purposes.

Actions Overview (1)

Date Actions Overview
02/11/2020Introduced in Senate

All Actions (1)

Date All Actions
02/11/2020Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (12)

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Finance02/11/2020 Referred to

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Latest Summary (1)

There is one summary for S.3276. View summaries

Shown Here:
Introduced in Senate (02/11/2020)

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).