ASSET Act Allowing Steady Savings by Eliminating Tests Act
A bill to eliminate asset limits employed by certain federally funded means-tested public assistance programs, and for other purposes.
The bill, SB5186, proposes to remove the asset limits for certain federally funded public assistance programs that have income-based eligibility. This means that individuals or families seeking help through these programs, such as food assistance or housing support, would no longer be restricted by the amount of money they have in savings or other assets.
This bill would affect people who rely on means-tested public assistance programs by making it easier for them to qualify for aid. By removing asset limits, more individuals and families who need financial assistance could potentially receive it, regardless of how much money they have saved.
As of July 30, 2026, SB5186 was introduced and referred to the Senate Committee on Finance. This is the first step in the legislative process, where the bill will be reviewed and potentially revised before moving forward.
