110th CONGRESS
1st Session
S. 591
To amend the Food Stamp Act of 1977 to adjust for inflation the
allowable amounts of financial resources of eligible households and to exclude
from countable financial resources certain retirement and education accounts.
IN THE SENATE OF THE UNITED STATES
February 14, 2007
Mr. CHAMBLISS (for himself, Mr. HARKIN, Mr. ROBERTS, Mrs. LINCOLN, Mr.
COCHRAN, and Mr. LEAHY) introduced the following bill; which was read twice
and referred to the Committee on Agriculture, Nutrition, and Forestry
A BILL
To amend the Food Stamp Act of 1977 to adjust for inflation the
allowable amounts of financial resources of eligible households and to exclude
from countable financial resources certain retirement and education accounts.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Food Stamp Personal Savings and Investment
Act of 2007'.
SEC. 2. ALLOWABLE FINANCIAL RESOURCES.
Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) is amended--
(1) by striking `(g)(1) The Secretary' and inserting the following:
`(g) Allowable Financial Resources-
`(A) IN GENERAL- The Secretary'.
(2) in subparagraph (A) (as designated by paragraph (1)--
(A) by inserting `(as adjusted in accordance with subparagraph (B))'
after `$2,000'; and
(B) by inserting `(as adjusted in accordance with subparagraph (B))'
after `$3,000'; and
(3) by adding at the end the following:
`(B) ADJUSTMENT FOR INFLATION-
`(i) IN GENERAL- Beginning on October 1, 2007, and each October 1
thereafter, the amounts in subparagraph (A) shall be adjusted to the
nearest $100 increment to reflect changes for the 12-month period
ending the preceding June in the Consumer Price Index for All Urban
Consumers published by the Bureau of Labor Statistics of the Department
of Labor.
`(ii) REQUIREMENT- Each adjustment under clause (i) shall be based
on the unrounded amount for the prior 12-month period.'.
SEC. 3. EXCLUSION OF RETIREMENT ACCOUNTS FROM COUNTABLE FINANCIAL RESOURCES.
(a) In General- Section 5(g)(2)(B)(v) of the Food Stamp Act of 1977 (7 U.S.C.
2014(g)(2)(B)(v)) is amended by striking `or retirement account (including
an individual account)' and inserting `account'.
(b) Mandatory and Discretionary Exclusions- Section 5(g) of the Food Stamp
Act of 1977 (7 U.S.C. 2014(g)) is amended by adding at the end the following:
`(7) EXCLUSION OF RETIREMENT ACCOUNTS FROM COUNTABLE FINANCIAL RESOURCES-
`(A) MANDATORY EXCLUSIONS- The Secretary shall exclude from financial
resources under this subsection the value of any funds in a plan, contract,
or account, described in sections 401(a), 403(a), 403(b), 408, 408A,
457(b), and 501(c)(18) of the Internal Revenue Code of 1986 and the
value of funds in a Federal Thrift Savings Plan account as provided
in section 8439 of title 5, United States Code.
`(B) DISCRETIONARY EXCLUSIONS- The Secretary may exclude from financial
resources under this subsection the value of any other retirement plans,
contracts, or accounts (as determined by the Secretary through regulation).'.
SEC. 4. EXCLUSION OF EDUCATION ACCOUNTS FROM COUNTABLE FINANCIAL RESOURCES.
Section 5(g) of the Food Stamp Act of 1977 (7 U.S.C. 2014(g)) (as amended
by section 3) is amended by adding at the end the following:
`(8) EXCLUSION OF EDUCATION ACCOUNTS FROM COUNTABLE FINANCIAL RESOURCES-
`(A) MANDATORY EXCLUSIONS- The Secretary shall exclude from financial
resources under this subsection the value of any funds in a qualified
tuition program described in section 529 of the Internal Revenue Code
of 1986 or in a Coverdell education savings account under section 530
of that Code.
`(B) DISCRETIONARY EXCLUSIONS- The Secretary may exclude from financial
resources under this subsection the value of any other education programs,
contracts, or accounts (as determined by the Secretary through regulation).'.
END
