Central Louisiana News

U.S. Senator Bill Cassidy, alongside Senator Catherine Cortez Masto, has introduced a legislative proposal aimed at reforming the Supplemental Security Income (SSI) program. The initiative, known as the SSI Savings Penalty Elimination Act, seeks to address the program’s outdated asset limits, which have not seen revisions for nearly four decades.

Senator Cassidy, a Republican from Louisiana, highlighted the difficulties faced by disabled Americans under current rules: “Outdated rules are making disabled Americans pick between a better job and losing their safety net. That’s wrong.” His proposal intends to "encourage work, help people save, and lift them out of poverty."

In support, Senator Cortez Masto, a Democrat from Nevada, criticized the present saving cap and stated, “A $2,000 rainy-day fund doesn’t go as far as it did in 1989, but that’s all the savings that people who rely on SSI benefits are allowed.” She stressed the importance of raising the SSI asset limit to better help seniors and disabled Americans.

Currently, SSI eligibility is constrained by asset limits that allow individuals to possess no more than $2,000 in assets, with married couples limited to $3,000. This program’s constraints have been linked to difficulties for beneficiaries in maintaining employment or saving. The proposed act would raise these limits to $10,000 for individuals and $20,000 for married couples, adjusting them for inflation thereafter. This would be the first asset limit adjustment since the enhancement passed by Congress in 1984 and implemented in 1989.

The legislative effort has gained substantial backing, with more than 200 businesses, faith-based entities, and organizations supporting the act's aim to improve the welfare of older adults and disabled individuals.

U.S. Senators Susan Collins, Maggie Hassan, James Lankford, Patty Murray, Lisa Murkowski, Sheldon Whitehouse, and Rick Scott have joined as co-sponsors. Companion legislation has also been put forward in the U.S. House of Representatives by Representatives Brian Fitzpatrick and Danny K. Davis.