All articles tagged with #asset limits
Wells Fargo has announced that the Federal Reserve has removed the growth limits on its assets imposed in 2018 after the company met all required conditions, marking a significant milestone in its transformation. The bank also announced a $2,000 special award for all full-time employees as recognition of their contributions during this period of change.
Bank CEOs, including Jamie Dimon of JPMorgan Chase, expressed their support for reforming the Supplemental Security Income (SSI) program, which has not been updated by Congress in 40 years. The current asset limits of $2,000 for individuals and $3,000 per couple are considered outdated and regressive, trapping people in poverty. Other Wall Street executives, such as Charles Scharf of Wells Fargo and Jane Fraser of Citigroup, also voiced their support for the proposed changes. However, the reforms will require a vote from Congress to be implemented.
Lawmakers in Washington are pushing to update the Supplemental Security Income (SSI) program, which provides monthly income to elderly, blind, and disabled Americans, by raising the asset limits from $2,000 to $10,000 for individuals and from $3,000 to $20,000 for couples. The proposal, called the SSI Savings Penalty Elimination Act, aims to allow beneficiaries to save money for emergencies and encourages work, as the current limits prevent them from saving and punish those who want to do so. The program, which has not been updated in about 40 years, currently has eight million beneficiaries, with an average monthly benefit of $585 for individuals. The proposal has bipartisan support but its fate remains uncertain.