ASSET Act

(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:

(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 heading, 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.