Cost-of-living Emergency Act

This bill declares a cost-of-living emergency and establishes a 180-day federal initiative to address high prices for essential goods and services affecting average U.S. households. It creates a Cost-of-Living Commission in Congress to study and recommend long-term solutions, while simultaneously appointing six Special Advisors to the President to oversee specific areas like food, housing, utilities, healthcare, transportation, and wages. The legislation also mandates a new task force to enforce price gouging laws, requires agencies to assess how regulations impact household budgets, and directs the use of Defense Production Act authorities to increase domestic supply of basic necessities.