Cost-of-living Emergency Act
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Summary
The Cost-of-Living Emergency Act declares a national emergency regarding high costs of living and establishes mechanisms to address it. The bill creates a White House Cost Cutting Council within the Council of Economic Advisers, appoints Special Advisors for specific cost categories (groceries, housing, utilities, healthcare, transportation, and wages), and requires these advisors to lead task forces, prepare weekly reports, and hold regional listening sessions. The bill also mandates household budget impact statements for major regulatory actions and establishes a joint task force between the Department of Justice and Federal Trade Commission to enforce price-gouging laws and investigate anticompetitive practices.
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