The bill aims to address the cost of living by establishing a Cost-of-Living Commission and requiring regular State of Household Budgets reports. It mandates the inclusion of household budget impact statements in major regulatory actions, as well as enforcement of price gouging laws. It also sets up a task force and utilizes the Defense Production Act to expand production of basic household necessities. Additionally, it creates a Congressional Cost-of-Living Commission to identify policies for short and long-term improvement. The bill will be funded equally by the Senate's contingent fund and the House of Representatives' accounts.