Cost of Living Task Force Act

Cost of Living Task Force Act - Declares that it is the purpose of this Act to focus public attention on private and governmental actions which have an impact upon national price stability.

Establishes an independent agency to be known as the Cost of Living Task Force. Specifies the membership composition of the Task Force.

Enumerates the duties of the Task Force, including to monitor the economy and to develop and recommend to private parties, the President and the Congress, policies and procedures to achieve and maintain price stability in a growing economy, and to advise those parties, government agencies and the public at large of any action or anticipated action which would have a materially adverse impact on price stability.

Directs the Task Force to collect data, evaluate the reasonableness of price and wage increases, make recommendations, and report within one year on the effectiveness of existing institutions within the Federal Government for dealing with inflation.

Details the administrative powers of the Task Force. Provides for confidentiality of information obtained under this Act. Requires a semi-annual report by the Task Force.

Authorizes to be appropriated such sums, not to exceed $10,000,000 in any fiscal year, as may be necessary to carry out the provisions of this Act.