Cost-of-Living Board Act of 1997

Cost-of-Living Board Act of 1997 - Amends title XI of the Social Security Act (SSA) to establish the Cost-of-Living Board, composed of the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the President's Council of Economic Advisers, and three other members appointed by the President, to: (1) attempt each calendar year to determine a single percentage increase or decrease in the cost-of-living which shall apply to any cost-of-living adjustment which is determined by reference to any Consumer Price Index and taking effect during the next calendar year under the Internal Revenue Code and SSA titles II (Old Age, Survivors and Disability Insurance), XVI (Supplemental Security Income), XVIII (Medicare), and XIX (Medicaid); and (2) report to the President and the Congress on such adjustment. Authorizes appropriations.