This bill establishes measures to address living costs during a declared cost-of-living emergency by requiring federal agencies to analyze how major regulations affect household expenses compared to corporate interests, and authorizing the President to use Defense Production Act tools to expand domestic production of basic necessities and stabilize prices within 180 days. It creates a bipartisan 12-member Cost-of-Living Commission composed of congressional members and outside experts with 180 days to recommend policies that reduce living costs and promote long-term economic growth. The bill also sets operational procedures for the commission, including staff appointments, ethical conduct requirements aligned with congressional rules, and automatic termination 30 days after the commission submits its final report. Funding for the commission is split equally between Senate and House accounts, with the bill requiring the President to demonstrate within 180 days that any interventions will actually lower costs for households.
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