The bill declares a temporary national emergency regarding the high cost of living in the United States, which can be extended by a joint resolution of Congress. It aims to address the economic pressures impacting low- and middle-income families by focusing on the affordability of basic household necessities. During this emergency, the Council of Economic Advisers (CEA) must establish a Cost-of-living Emergency Office and appoint several Special Advisors for specific areas like grocery, housing, utility, health care, transportation costs, and wages. These advisors will lead task forces, prepare weekly reports, host regional listening sessions, and testify to Congress to identify and implement cost-reduction strategies. The CEA will also issue quarterly "State of Household Budgets" reports. Federal agencies will be required to include household costs impact statements in major regulatory actions, detailing their estimated effects on average U.S. households, regional variations, and benefits for large corporations, with these statements made publicly available. A Joint Task Force on Consumer Costs , co-chaired by the Attorney General and the FTC Chair, will be established to prevent and prosecute price gouging and anticompetitive practices. This task force will monitor prices, conduct investigations, provide guidance to state attorneys general, and create a public portal for reporting suspected violations, utilizing existing enforcement authorities. The President is mandated to use Defense Production Act (DPA) authorities to expand the productive capacity and supply of basic household necessities, authorizing loan guarantees, purchase commitments, and production cost offsets for small- and medium-sized businesses, with an evidentiary requirement for cost reduction within 180 days. Finally, the bill establishes a bipartisan 12-member Congressional Cost-of-Living Commission to identify policies for improving the cost-of-living situation and achieving stable economic growth. The Commission will issue interim and final reports with policy recommendations and legislative language, requiring bipartisan approval, and will hold hearings to gather testimony and receive Congressional Budget Office estimates.