Bill · H.R. 10023· House(119-HR-10023)
ASSET Act
- Introduced
- 8/3/2026
- Last activity
- 8/3/2026 — Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Energy and Commerce, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Sponsored by
- Jimmy Gomez
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
The ASSET Act aims to eliminate asset limits used by various federally funded, means-tested public assistance programs. It specifically prohibits states from applying asset or resource limits to programs funded by Temporary Assistance for Needy Families (TANF) grants. The bill also removes asset limits for the Supplemental Nutrition Assistance Program (SNAP) and the Low-Income Home Energy Assistance Program (LIHEAP). Additionally, it updates the resource limits for Supplemental Security Income (SSI) to higher amounts and indexes them for inflation. These changes are intended to prevent families from avoiding savings or mainstream financial services to maintain eligibility.
Yes· 3 of 5
Would households on low incomes be better off under this?+8
The removal of asset limits allows low-income families to save and access assistance more easily.
Is this likely to lift people out of poverty?+7
Eliminating asset limits for TANF, SNAP, and LIHEAP helps low-income families build savings and reduces their dependence on public assistance.
Would people over 65 be better off under this?+6
The bill provides significant benefit increases and inflation adjustments for SSI recipients.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Improved Financial Security for Low-Income Families: By removing asset limits, the bill seeks to prevent families from having to avoid bank accounts or refrain from saving resources to weather unanticipated expenses (Section 2(a)(2)).
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Increased Ability to Improve Financial Circumstances: Eliminating asset limits is intended to stop the impediment of a family's ability to improve their financial situation and reduce dependence on public assistance (Section 2(a)(1)).
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Enhanced Savings for SSI Recipients: The bill increases the resource limit for individuals to $20,000 and for couples to $10,000 in the year 2026 (Section 6(a)(1)).
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Protection Against Inflation for SSI: The resource limits for Supplemental Security Income will be increased annually based on the Consumer Price Index for Elderly Consumers (Section 6(a)(2)).
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Administrative Cost Savings: The bill notes that evidence from states suggests the administrative cost savings from eliminating asset limits can outweigh increases in payments to beneficiaries (Section 2(a)(4)).
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Low Income Households+8Good For Retirees+6Good For Seniors+6
- Social Issues And Justice
- Improves Poverty Reduction+7Improves Social Security+6
- 8/3/2026
- Referred to the Committee on Ways and Means, and in addition to the Committees on Agriculture, Energy and Commerce, and Education and Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2 Cosponsors added.
- Introduced in House
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.
Jahana HayesDemocrat · Connecticut
Kim SchrierDemocrat · Washington