The "Cost-of-living Emergency Act" declares a national emergency regarding the high cost of living in the United States, initially for 180 days, with potential for congressional extension. This declaration mandates a series of coordinated government actions to alleviate financial pressures on average U.S. households by addressing key cost drivers and market practices. During this emergency, the Council of Economic Advisers (CEA) must prioritize analysis on the affordability of basic household necessities and pressures on low- and middle-income families. The CEA is directed to establish a White House Cost Cutting Council to coordinate government efforts and appoint several Special Advisors for specific areas like grocery, housing, utility, health care, and transportation costs, as well as wages. These advisors will lead task forces, report weekly, and host regional listening sessions, while the CEA will submit quarterly "State of Household Budgets" reports. To ensure regulatory actions consider their financial impact, the bill requires agencies to include household budget impact statements for major regulations, detailing effects on average households and large corporations, which must be publicly available. Concurrently, a Joint Task Force on Consumer Costs , co-chaired by the Attorney General and FTC Chair, will be established to prevent and prosecute price gouging and anticompetitive practices, monitoring prices, investigating business practices, and creating a public portal for reporting violations. The President is mandated to utilize Title III of the Defense Production Act of 1950 to expand the domestic supply of basic household necessities. This includes providing loan guarantees, loans to small and medium-sized businesses, and purchase commitments, with a requirement that these actions demonstrably reduce retail or wholesale costs within 180 days. Finally, the Act establishes a bipartisan Cost-of-Living Commission in Congress, composed of members from both chambers and outside experts. This Commission is tasked with identifying policies to improve the cost-of-living situation in the short and medium term, and to achieve long-term economic stability, issuing reports with policy recommendations and legislative language requiring bipartisan approval.