ASSET Act
Sponsored By: Representative Gomez, Jimmy [D-CA-34]
Introduced
Summary
Removes asset tests from major safety‑net programs and raises/indexes Supplemental Security Income resource limits. This bill ends asset‑based eligibility rules for TANF, SNAP, and LIHEAP and sets new SSI resource amounts with automatic inflation adjustments.
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- Families and low‑income households: Easier access to SNAP, TANF, and LIHEAP because states may no longer deny benefits based on savings or other assets. This eliminates asset‑based disqualifications across those programs.
- SSI recipients and older adults: SSI resource limits are set at $20,000 for individuals and $10,000 for couples for 2026. Those amounts will rise each year with the Consumer Price Index for the Elderly.
- States and program administrators: Federal law requires states to change statutes and plans and provides timing rules so states have time after their next legislative session to comply. The bill also updates cross‑references and statutory structure to remove asset tests.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
Higher SSI resource limits
If enacted, the bill would set SSI resource limits for calendar year 2026 at $20,000 for individuals and $10,000 for couples. The limits would then automatically rise each year with the Consumer Price Index for the Elderly (CPI-E), using September 2025 as the base. These SSI changes would be treated as if they began on January 1, 2026.
No asset limits for SNAP
If enacted, SNAP would stop using savings, vehicles, or other assets to decide whether a household qualifies. The bill would remove statutory language that ties eligibility or disqualification to assets. The change would apply to months that begin 30 days after enactment. States would get extra time to change state law or plans if the USDA says state legislation is needed before a plan is judged noncompliant.
States cannot use TANF asset limits
If enacted, States that receive TANF grants would be barred from applying any asset or resource limit to decide who gets TANF-funded benefits, assistance, or services. The rule would apply to months that begin 30 days after enactment. If a State needs to change its laws, it would not be treated as out of compliance until after that State's next regular legislative session (with a similar rule for two-year sessions).
No LIHEAP asset exclusions
If enacted, State LIHEAP plans would have to agree not to deny households LIHEAP help just because they have assets. The change would apply to months that begin 30 days after enactment. If a State needs new laws to comply, its plan would not be treated as noncompliant until after the State's next regular legislative session (with a similar rule for two-year sessions).
Sponsors & CoSponsors
Sponsor
Gomez, Jimmy [D-CA-34]
CA • D
Cosponsors
Rep. Hayes, Jahana [D-CT-5]
CT • D
Sponsored 8/3/2026
Rep. Schrier, Kim [D-WA-8]
WA • D
Sponsored 8/3/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov