ASSET Act
Sponsored By: Senator Coons, Christopher A. [D-DE]
Introduced
Summary
Eliminating asset tests from major federal safety-net programs is the central goal of the ASSET Act. The bill would remove household asset and resource limits that block access to Temporary Assistance for Needy Families (TANF), the Supplemental Nutrition Assistance Program (SNAP), and the Low-Income Home Energy Assistance Program (LIHEAP).
Show full summary
- Low-income families and households: Would no longer face asset-based disqualification for TANF, SNAP, or LIHEAP, making it easier to keep savings or property while receiving benefits.
- SNAP participants: Deletes asset- and resource-based eligibility screens and disqualification rules in the Food and Nutrition Act and reorganizes related statutory sections to align with removal of asset tests.
- States and program administrators: Includes a limited implementation delay when a State needs to change its laws so a State plan is not treated as noncompliant until after the next regular legislative session.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
More energy help for households with savings
If enacted, states that receive LIHEAP funds would not be allowed to exclude a household from LIHEAP eligibility in a fiscal year solely or partially because of household member assets. Households with higher asset holdings could be eligible for energy assistance if they meet other program requirements. If a state plan needs new laws (other than appropriations) to comply, the state plan would not be treated as failing to comply until the first day of the first calendar quarter after the close of the first regular session of its legislature that begins after enactment. For States with two-year legislative sessions, each year of the session would be treated as a separate regular session for that delay.
More TANF help for families with savings
If enacted, states that get TANF grants would not be allowed to use any asset or resource limit to deny families TANF-funded help, services, or benefits. Families with savings, vehicles, or property would be able to keep those assets and still qualify. If a state needs new laws (other than appropriations) to comply, the state would not be treated as failing to comply until the first day of the first calendar quarter after the close of the first regular session of its legislature that begins after enactment. For States with two-year legislative sessions, each year of the session would be treated as a separate regular session for that delay.
Sponsors & CoSponsors
Sponsor
Coons, Christopher A. [D-DE]
DE • D
Cosponsors
Sen. Kaine, Tim [D-VA]
VA • D
Sponsored 7/30/2026
Sen. Van Hollen, Chris [D-MD]
MD • D
Sponsored 7/30/2026
Sen. Baldwin, Tammy [D-WI]
WI • D
Sponsored 7/30/2026
Sen. Reed, Jack [D-RI]
RI • D
Sponsored 7/30/2026
Sen. Schatz, Brian [D-HI]
HI • D
Sponsored 7/30/2026
Sen. Booker, Cory A. [D-NJ]
NJ • D
Sponsored 7/30/2026
Sen. Gillibrand, Kirsten E. [D-NY]
NY • D
Sponsored 7/30/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov