S 4266

The Cost-of-Living Emergency Act declares a national emergency due to the high cost of living in the United States and directs the government to take action to address it. It establishes a Cost-of-Living Commission to identify policies to improve the cost of basic necessities and promote sustainable economic growth. The act also creates a Cost-of-Living Emergency Office within the Council of Economic Advisers to coordinate government efforts and requires agencies to assess the impact of new regulations on household budgets. Furthermore, it establishes a task force to combat price gouging and requires subsidy payments to support domestic production of essential goods.