Cost of Living Act

Cost of Living Act - States that the President shall: (1) focus public attention on causes of inflation; (2) monitor the economy as a whole; (3) work with labor, management, and governmental agencies to encourage price and wage restraint and increase productivity; (4) improve wage and price data bases to improve collective bargaining and encourage price restraint; (5) conduct public hearings as appropriate to provide public scrutiny of inflationary problems; (6) make recommendations for such changes in the Federal Government and private sectors as will increase supply and restrain prices; (7) recommend legislation and take other appropriate action to reduce the inflationary impact of economic concentration and anticompetitive practices; (8) evaluate the reasonableness of wage and price increases which may have a material effect on inflation, taking into consideration cost of living, costs of production, productivity, and the resource needs of any sector of the economy; and (9) delay the implementation, for up to 45 days, of any price or wage increase which the President finds is likely to have a serious inflationary impact, and extend such delay for up to an additional 45 days if the President finds that significant injury to the economy as a whole would otherwise result.

Authorizes the President to establish, within the Executive Office of the President, a Cost of Living Task Force to which he may delegate his authority under this Act.

Authorizes to be appropriated $5,000,000 for fiscal year 1975 to carry out the purposes of this Act.

Terminates the authority under this Act at midnight, October 1, 1975.