S. 4266: Cost-of-living Emergency Act

This bill, titled the **Cost-of-living Emergency Act**, aims to address the rising costs of living in the United States by declaring a cost-of-living emergency and implementing several measures to alleviate financial pressures on households. The main components of the bill include:

1. Declaration of Emergency

The bill formally declares an emergency relating to the high cost of living, which is expected to last for 180 days unless extended through joint resolution by Congress.

2. Roles and Responsibilities

During the emergency period, the President will direct actions through the Council of Economic Advisers. Responsibilities include:

• Establishing an office dedicated to coordinating government efforts to reduce the costs of basic household necessities.
• Appointing Special Advisors to focus on grocery costs, housing costs, utility costs, health care costs, transportation costs, and wages.
• Regularly reporting on the state of household budgets and conducting regional listening sessions to gather public input.

3. Impact Assessments

All major regulatory actions proposed by federal agencies during the emergency must include a **household costs impact statement**. This statement must outline:

• Expected effects on the average household.
• Variations in regional costs.
• Potential benefits to large corporations versus average households.

4. Enforcement of Price Gouging Laws

A **Joint Task Force on Consumer Costs** will be established to monitor and investigate price gouging and other unfair pricing practices during the emergency. This task force will:

• Coordinate government efforts to prevent price gouging on essential goods.
• Share information between relevant agencies regarding potential violations of law.
• Provide a platform for consumers to report suspected unfair pricing practices.

5. Support for Essential Goods Production

Utilizing powers under the **Defense Production Act**, the President will be authorized to take measures to enhance the production and supply of basic household necessities, which may include:

• Issuing loans and guarantees to support businesses.
• Securing contracts to maintain stable prices for essential goods.

6. Establishment of Cost-of-Living Commission

A **Cost-of-Living Commission** will be established in Congress with the following duties:

• Identify policies to improve living costs for average households.
• Evaluate economic growth strategies to sustain a stable cost of living.
• Submit regular reports on findings, recommendations, and legislative proposals related to cost-of-living issues.

7. Reporting and Transparency

The Commission and various appointed officials will be required to maintain transparency by publishing reports and conducting hearings to solicit public and expert input on cost-of-living matters.

8. Duration and Amendments

The emergency declaration can be extended beyond 180 days if Congress acts to do so. The Commission will terminate 30 days after submitting its final report, ensuring its operations are time-bound and focused on the emergency context.

Relevant Companies

• WMT (Walmart Inc.): As a major retail seller, Walmart may face increased scrutiny regarding pricing and sourcing of basic household necessities during the emergency.
• PG (Procter & Gamble Co.): This company, known for its consumer goods, may need to adjust its pricing or production strategies in response to new regulations aimed at keeping household costs down.
• CVS (CVS Health Corp): As a healthcare provider, CVS may be impacted by measures related to healthcare costs and price transparency mandated by the bill.