HR2540Referred to Committee

SSI Savings Penalty Elimination Act

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2025-04-01
Introduced
35
Cosponsors
HR
ⓘ
Type

Sponsor

Danny K. Davis
Danny K. Davis
Democrat · IL · Representative
Votes with party: 98.4% (580 recorded votes)

Full profile: /officials/D000096

Source: Congress.gov · FEC

Cosponsors (35)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2025-04-01

Source: Congress.gov

Committee Activity

Currently in

Previously

Plain-English Summary

This bill would remove the strict limits on how much money people receiving Supplemental Security Income (SSI) benefits can save without losing their assistance. Currently, SSI recipients can only keep about $2,000 in savings before their benefits are reduced or cut off, which discourages them from building financial security. The change would help low-income disabled people, elderly individuals, and blind people who rely on SSI to accumulate emergency savings without penalty.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Social Welfare
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Open text viewRead on Congress.gov

Related legislation

Bills by the same sponsor or covering overlapping subjects.