Cost-of-living Emergency Act

HR 8135, the Cost-of-living Emergency Act, declares a 180-day emergency to address high living costs affecting U.S. households earning below the median income. The bill directs the Council of Economic Advisers to analyze affordability issues and establish a White House Cost Cutting Council with six Special Advisors focused on specific cost areas like food, housing, and healthcare. It also creates a Joint Task Force on Consumer Costs to enforce price gouging laws and requires agencies to assess how regulations impact household budgets. Additionally, the act establishes a bipartisan Cost-of-Living Commission in Congress to study long-term solutions and submit policy recommendations before the emergency expires.