SSI Savings Penalty Elimination Act

# SSI Savings Penalty Elimination Act Summary **What the Bill Would Do** This bill would eliminate the asset limits that currently apply to Supplemental Security Income (SSI), a federal program that provides cash assistance to elderly, blind, and disabled individuals with very low incomes. Currently, SSI recipients can only have $2,000 in savings (or $3,000 for couples) before losing eligibility for benefits. If passed, this bill would remove those restrictions, allowing people to save money without jeopardizing their assistance. **Who It Affects and Key Provisions** The bill primarily affects low-income elderly people, individuals with disabilities, and blind Americans who rely on SSI benefits. By eliminating savings limits, the bill aims to encourage financial stability and allow recipients to build emergency funds or save for major expenses without fear of losing their benefits.

This could help people transition to self-sufficiency or better handle unexpected costs. **Current Status** As of now, HR 2540 remains in committee and has not yet been voted on by the full House of Representatives. The bill was introduced by Representative Danny K. Davis (D-Illinois) in the 119th Congress but has not advanced further in the legislative process.