This bill declares a national emergency over the high cost of living and creates a coordinated government effort to bring down prices on essential goods and services. The emergency lasts 180 days initially but can be extended by Congress if needed.

The bill establishes several new structures to tackle rising costs. The White House Cost Cutting Council will coordinate efforts across all federal agencies to reduce prices for groceries, housing, utilities, healthcare, transportation, and wages. Six new Special Advisors report directly to the President on each of these areas, each leading task forces that meet weekly and produce regular reports to identify ways to lower costs. The Council of Economic Advisers will prioritize analyzing affordability issues and produce quarterly reports on household budgets.

To prevent companies from unfairly raising prices during the emergency, the bill creates a Joint Task Force on Consumer Costs run by the Department of Justice and Federal Trade Commission. This task force will investigate price gouging, price-fixing, and other anticompetitive practices, and will set up a public portal where consumers can report suspected unfair pricing. The President can also use Defense Production Act authorities to increase domestic production of essential goods through loans, purchase commitments, and subsidies to businesses.

Finally, Congress establishes a Cost-of-Living Commission with 12 members (split between parties and including outside experts) to study the problem and recommend long-term legislative solutions. The Commission must deliver a final report with policy recommendations within 180 days, and can recommend whether emergency measures should continue after the initial 180-day period ends.