Cost-of-living Emergency Act

Key Points

• This bill declares a 180-day national emergency over the high cost of living, focusing on basic needs like food, housing, gas, medical care, and utilities for households earning below the median income.
• The Department of Justice and Federal Trade Commission would create a Joint Task Force on Consumer Costs to investigate and prosecute price gouging, price-fixing, and other unfair pricing practices. A public portal would let consumers report suspected violations.
• The bill uses the Defense Production Act to expand the supply of basic household necessities, including loan guarantees for small and medium businesses to modernize production facilities and purchase commitments to stabilize prices.
• Six Special Advisors would be appointed to focus on groceries, housing, utilities, health care, transportation, and wages. They would lead weekly task forces and hold public listening sessions at least three times a year in different parts of the country.
• Federal agencies would be required to include a household costs impact statement with every major new regulation, showing whether the rule helps regular families more than large corporations.
• A bipartisan 12-member congressional commission would develop long-term policy recommendations. Any approved report must include support from at least 2 Republican and 2 Democratic members, ensuring cross-party agreement.