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

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Allowing Steady 
Savings by Eliminating Tests Act'' or the ``ASSET Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Findings; sense of Congress.
Sec. 3. States prohibited from imposing asset limits on programs funded 
                            by Temporary Assistance for Needy Families 
                            (TANF) grants.
Sec. 4. Eliminating asset limits in the supplemental nutrition 
                            assistance program (SNAP).
Sec. 5. Eliminating asset limit in Low-Income Home Energy Assistance 
                            Program (LIHEAP).
Sec. 6. Updating and indexing the resource limit for supplemental 
                            security income (SSI).
Sec. 7. Effective date.

SEC. 2. FINDINGS; SENSE OF CONGRESS.

    (a) Findings.--Congress finds as follows:
            (1) Many means-tested public assistance programs limit 
        eligibility for benefits on the basis of the assets of a 
        family, such as savings and other resources. Such asset limits 
        impede the ability of needy families to improve their financial 
        circumstances and thereby reduce their dependence on public 
        assistance programs.
            (2) Restricting eligibility for public assistance programs 
        on the basis of assets negatively affects the financial 
        security of low-income families. For example, to avoid losing 
        eligibility for public assistance under an asset limit, a 
        family may avoid mainstream financial services such as bank 
        accounts, or refrain from acquiring and saving resources that 
        would enable the family to weather an unanticipated expense.
            (3) The risk that people who don't need public assistance 
        will take advantage of public assistance programs in the 
        absence of asset limits is low, in part because most applicants 
        for public assistance have very few assets, must meet strict 
        work requirements, and usually may only participate in a 
        program for a limited time.
            (4) Evidence from States that have eliminated asset limits 
        suggests that the administrative cost savings associated with 
        the elimination of asset limits outweigh any increases in 
        payments made to beneficiaries.
    (b) Sense of Congress.--It is the sense of Congress that certain 
federally funded means-tested public assistance programs should not 
utilize asset limits to restrict eligibility for assistance under those 
programs.

SEC. 3. STATES PROHIBITED FROM IMPOSING ASSET LIMITS ON PROGRAMS FUNDED 
              BY TEMPORARY ASSISTANCE FOR NEEDY FAMILIES (TANF) GRANTS.

    (a) No State Limitation on Allowable Financial Resources.--Section 
408(a) of the Social Security Act (42 U.S.C. 608(a)) is amended by 
adding at the end the following new paragraph:
            ``(13) No asset or resource limit.--A State to which a 
        grant is made under section 403 shall not apply any asset or 
        resource limit for eligibility of a family for any benefit, 
        assistance, or service provided under the State program funded 
        under this part.''.
    (b) Conforming Amendments.--Section 408(f) of the Social Security 
Act (42 U.S.C. 608(f)) is amended--
            (1) in the matter preceding paragraph (1), by striking ``or 
        resources''; and
            (2) in paragraph (1)--
                    (A) in the paragraph header, by striking ``and 
                resources'';
                    (B) by striking subparagraph (B);
                    (C) by redesignating subparagraph (C) as 
                subparagraph (B); and
                    (D) in subparagraph (B) (as so redesignated), by 
                striking ``and resources'' each place it appears.
    (c) Delay Permitted if State Legislation Required.--
            (1) In general.--In the case of a State to which a grant is 
        made under section 403 of the Social Security Act (42 U.S.C. 
        603) that the Secretary of Health and Human Services determines 
        requires State legislation (other than legislation 
        appropriating funds) to meet the requirements of paragraph (13) 
        of section 408(a) of such Act (42 U.S.C. 608(a)), such State 
        shall not be regarded as failing to comply with the 
        requirements of such paragraph before the first day of the 
        first calendar quarter that begins after the close of the first 
        regular session of the State legislature that begins after the 
        date of enactment of this Act.
            (2) 2-year legislative session.--For purposes of paragraph 
        (1), in the case of a State that has a 2-year legislative 
        session, each year of the session shall be considered to be a 
        separate regular session of the State legislature.

SEC. 4. ELIMINATING ASSET LIMITS IN THE SUPPLEMENTAL NUTRITION 
              ASSISTANCE PROGRAM (SNAP).

    (a) In General.--
            (1) Eligible households.--Section 5 of the Food and 
        Nutrition Act of 2008 (7 U.S.C. 2014) is amended--
                    (A) in subsection (a), in the first sentence, by 
                striking ``and other financial resources'';
                    (B) by striking subsections (g) and (j);
                    (C) by redesignating subsections (h), (i), (k), 
                (l), (m), and (n) as subsections (g), (h), (i), (j), 
                (k), and (l), respectively; and
                    (D) in subsection (h) (as so redesignated)--
                            (i) in paragraph (1), by striking ``and 
                        resources'' each place it appears; and
                            (ii) in paragraph (2)--
                                    (I) by striking subparagraph (B); 
                                and
                                    (II) by redesignating subparagraphs 
                                (C) through (E) as subparagraphs (B) 
                                through (D), respectively.
            (2) Eligibility disqualifications.--Section 6 of the Food 
        and Nutrition Act of 2008 (7 U.S.C. 2015) is amended--
                    (A) by striking subsection (h); and
                    (B) by redesignating subsections (i) through (s) as 
                subsections (h) through (r), respectively.
            (3) Research, demonstration, and evaluations.--Section 17 
        of the Food and Nutrition Act of 2008 (7 U.S.C. 2026) is 
        amended--
                    (A) by striking subsections (h) and (i); and
                    (B) by redesignating subsections (j) through (n) as 
                subsections (h) through (l), respectively.
    (b) Conforming Amendments.--
            (1) Section 5 of the Food and Nutrition Act of 2008 (7 
        U.S.C. 2014) is amended--
                    (A) in subsection (a), in the second sentence, by 
                striking ``and (r)'' and inserting ``and (q)''; and
                    (B) in subsection (d)--
                            (i) in paragraph (1), by striking 
                        ``subsection (k)'' and inserting ``subsection 
                        (i)''; and
                            (ii) in paragraph (10), by striking 
                        ``subsection (k) of this section'' and 
                        inserting ``subsection (i)''.
            (2) Section 6 of the Food and Nutrition Act of 2008 (7 
        U.S.C. 2015) is amended--
                    (A) in subsection (d)(4), by striking ``subsection 
                (o)'' each place it appears and inserting ``subsection 
                (n)'';
                    (B) in subsection (f), in the third sentence, by 
                striking ``and financial resources'';
                    (C) in subsection (q) (as redesignated by 
                subsection (a)(2)(B)), in paragraph (1)(B), by striking 
                ``subsection (k)'' and inserting ``subsection (j)''; 
                and
                    (D) in subsection (r) (as redesignated by 
                subsection (a)(2)(B)), in paragraph (2)--
                            (i) by striking ``allowable financial 
                        resources and''; and
                            (ii) by striking ``(g), (i), (k), (l), (m), 
                        and (n)'' and inserting ``(h), (i), (j), (k), 
                        and (l)''.
            (3) Section 7(i)(1) of the Food and Nutrition Act of 2008 
        (7 U.S.C. 2016(i)(1)) is amended by striking ``section 6(o)(2) 
        of this Act'' and inserting ``section 6(n)(2)''.
            (4) Section 11(e)(22) of the Food and Nutrition Act of 2008 
        (7 U.S.C. 2020(e)(22)) is amended by striking ``section 6(i)'' 
        and inserting ``section 6(h)''.
            (5) Section 16 of the Food and Nutrition Act of 2008 (7 
        U.S.C. 2025) is amended--
                    (A) in subsection (a)(9), by striking ``section 
                17(n)'' and inserting ``section 17(l)''; and
                    (B) in subsection (h)--
                            (i) in paragraph (1)--
                                    (I) in subparagraph (B)(ii), by 
                                striking ``section 6(o)'' and inserting 
                                ``section 6(n)'';
                                    (II) in subparagraph (E)--
                                            (aa) by striking ``section 
                                        6(o)(3)'' each place it appears 
                                        and inserting ``section 
                                        6(n)(3)'';
                                            (bb) by striking ``section 
                                        6(o)(2)'' each place it appears 
                                        and inserting ``section 
                                        6(n)(2)''; and
                                            (cc) in clause (ii)--

                                                    (AA) in subclause 
                                                (III), by striking 
                                                ``section 6(o)(4)'' and 
                                                inserting ``section 
                                                6(n)(4)''; and

                                                    (BB) in subclause 
                                                (IV), by striking 
                                                ``section 6(o)(6)'' and 
                                                inserting ``section 
                                                6(n)(6)''; and

                                    (III) in subparagraph 
                                (F)(ii)(III)(ee)(AA), by striking 
                                ``section 6(o)'' and inserting 
                                ``section 6(n)''; and
                            (ii) in paragraph (5)(C)(iv)(I), by 
                        striking ``section 6(o)(2)'' and inserting 
                        ``section 6(n)(2)''.
            (6) Section 17 of the Food and Nutrition Act of 2008 (7 
        U.S.C. 2026) is amended--
                    (A) in subsection (k) (as redesignated by 
                subsection (a)(3)(B))--
                            (i) by striking ``subsections (l) through 
                        (n)'' each place it appears and inserting 
                        ``subsections (k) through (m)''; and
                            (ii) in paragraph (2)(E), by striking 
                        ``section 6(l)(2)'' and inserting ``section 
                        6(k)(2)''; and
                    (B) in subsection (l) (as redesignated by 
                subsection (a)(3)(B)), in paragraph (4)(A)(i)(II), by 
                striking ``and financial resources (as described in 
                section 5(g))''.
            (7) Section 18(g)(2) of the Food and Nutrition Act of 2008 
        (7 U.S.C. 2027(g)(2)) is amended by striking ``section 5(h)'' 
        and inserting ``section 5(g)''.
            (8) Section 103(a)(2)(D) of the Workforce Innovation and 
        Opportunity Act (29 U.S.C. 3113(a)(2)(D)) is amended by 
        striking ``section 6(o) of the Food and Nutrition Act of 2008 
        (7 U.S.C. 2015(o))'' and inserting ``section 6(n) of the Food 
        and Nutrition Act of 2008 (7 U.S.C. 2015(n))''.
            (9) Section 121(b)(2)(B)(iv) of the Workforce Innovation 
        and Opportunity Act (29 U.S.C. 3151(b)(2)(B)(iv)) is amended by 
        striking ``section 6(o) of the Food and Nutrition Act of 2008 
        (7 U.S.C. 2015(o))'' and inserting ``section 6(n) of the Food 
        and Nutrition Act of 2008 (7 U.S.C. 2015(n))''.
            (10) Section 454 of the Social Security Act (42 U.S.C. 654) 
        is amended--
                    (A) in paragraph (4)(A)(i), by striking ``section 
                6(l)(1) of the Food and Nutrition Act of 2008 (7 U.S.C. 
                2015(l)(1))'' and inserting ``section 6(k)(1) of the 
                Food and Nutrition Act of 2008 (7 U.S.C. 2015(k)(1))'';
                    (B) in paragraph (6)(B)(i), by striking 
                ``subsection (l) or (m) of section 6 of the Food and 
                Nutrition Act of 2008'' and inserting ``subsection (k) 
                or (l) of section 6 of the Food and Nutrition Act of 
                2008 (7 U.S.C. 2015)''; and
                    (C) in paragraph (29)(A)(ii), by striking ``section 
                6(l)(2) of the Food and Nutrition Act of 2008 (7 U.S.C. 
                2015(l)(2))'' and inserting ``section 6(k)(2) of the 
                Food and Nutrition Act of 2008 (7 U.S.C. 2015(k)(2))''.
    (c) Delay Permitted if State Legislation Required.--
            (1) In general.--In the case of a State plan under section 
        11 of the Food and Nutrition Act of 2008 (7 U.S.C. 2020) that 
        the Secretary of Agriculture determines requires State 
        legislation (other than legislation appropriating funds) in 
        order for the plan to meet the additional requirements imposed 
        by the amendments made by this section, the State plan shall 
        not be regarded as failing to comply with the requirements of 
        section 11 of the Food and Nutrition Act of 2008 (7 U.S.C. 
        2020) solely on the basis of the failure of the plan to meet 
        those additional requirements before the first day of the first 
        calendar quarter that begins after the close of the first 
        regular session of the State legislature that begins after the 
        date of enactment of this Act.
            (2) Legislative session.--For purposes of paragraph (1), in 
        the case of a State that has a 2-year legislative session, each 
        year of the session shall be considered a separate regular 
        session of the State legislature.

SEC. 5. ELIMINATING ASSET LIMIT IN LOW-INCOME HOME ENERGY ASSISTANCE 
              PROGRAM (LIHEAP).

    (a) Elimination of Limitations on Allowable Financial Resources.--
Section 2605(b)(2) of the Low-Income Home Energy Assistance Act of 1981 
(42 U.S.C. 8624(b)(2)) is amended, in the matter following subparagraph 
(B), by inserting ``, and agrees that a State may not exclude a 
household from eligibility in a fiscal year solely or partially on the 
basis of the assets of 1 or more members of the household'' before the 
semicolon.
    (b) Delay Permitted if State Legislation Required.--
            (1) In general.--In the case of a State plan under section 
        2605 of the Low-Income Home Energy Assistance Act of 1981 (42 
        U.S.C. 8624) that the Secretary of Health and Human Services 
        determines requires State legislation (other than legislation 
        appropriating funds) in order for the plan to meet the 
        additional requirements imposed by the amendment made by this 
        section, the State plan shall not be regarded as failing to 
        comply with the requirements of such section 2605 solely on the 
        basis of the failure of the plan to meet those additional 
        requirements before the first day of the first calendar quarter 
        that begins after the close of the first regular session of the 
        State legislature that begins after the date of enactment of 
        this Act.
            (2) 2-year legislative session.--For purposes of paragraph 
        (1), in the case of a State that has a 2-year legislative 
        session, each year of the session shall be considered to be a 
        separate regular session of the State legislature.

SEC. 6. UPDATING AND INDEXING THE RESOURCE LIMIT FOR SUPPLEMENTAL 
              SECURITY INCOME (SSI).

    (a) In General.--
            (1) Update in resource limit for individuals and couples.--
        Section 1611(a)(3) of such Act (42 U.S.C. 1382(a)(3)) is 
        amended--
                    (A) in subparagraph (A), by striking ``$2,250'' and 
                all that follows through the end of the subparagraph 
                and inserting ``$20,000 in calendar year 2021, and 
                shall be increased as described in section 1617(d) for 
                each subsequent calendar year.''; and
                    (B) in subparagraph (B), by striking ``$1,500'' and 
                all that follows through the end of the subparagraph 
                and inserting ``$10,000 in calendar year 2021, and 
                shall be increased as described in section 1617(d) for 
                each subsequent calendar year.''.
            (2) Inflation adjustment.--Section 1617 of such Act (42 
        U.S.C. 1382f) is amended--
                    (A) in the section heading, by inserting ``; 
                inflation adjustment'' after ``benefits''; and
                    (B) by adding at the end the following:
    ``(d) In the case of any calendar year after 2021, each of the 
amounts specified in section 1611(a)(3) shall be increased by 
multiplying each such amount by the quotient (not less than 1) obtained 
by dividing--
            ``(1) the average of the Consumer Price Index for Elderly 
        Consumers (CPI-E, as published by the Bureau of Labor 
        Statistics of the Department of Labor) for the 12-month period 
        ending with September of the preceding calendar year, by
            ``(2) such average for the 12-month period ending with 
        September 2020.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if enacted on January 1, 2021.

SEC. 7. EFFECTIVE DATE.

    Except as otherwise provided, the amendments made by this Act shall 
apply to benefits for calendar months beginning on or after the date 
that is 30 days after the date of enactment of this Act.
                                 <all>
ASSET Act
A bill to eliminate asset limits employed by certain federally funded means-tested public assistance programs, and for other purposes.
ASSET Act
Allowing Steady Savings by Eliminating Tests Act
Sen. Coons, Christopher A.