,i #aag? ,,congress #b;d ,session ,h4 ,r4 #hfeh ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,augu/ #e1 #bjbb,mr4 ,b[man 7= himself1 ,mr4 ,g>ca ( ,ill9ois1 ,ms4 ,pressley1 ,ms4 ,s*ak[sky1 ,mr4 ,nadl]1 ,ms4 ,tlaib1 ,mr4 ,johnson ( ,georgia1 ,ms4 ,lee ( ,cali=nia1 ,ms4 ,bu%1 ,mr4 ,takano1 ,mrs4 ,watson ,coleman1 ,mr4 ,coh51 ,ms4 ,ocasio-,cortez1 ,ms4 ,norton1 ,mr4 ,jones1 ,mr4 ,payne1 ,mr4 ,danny ,k4 ,davis ( ,ill9ois1 ,mr4 ,espaillat1 & ,mr4 ,grijalva7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to e/abli% ! ,sub-,task ,=ce on ,em]g5cy ,price ,/abilization1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,em]g5cy ,price ,/abilization ,act ( #bjbb4 #b4 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 9 response to global economic disruptions1 includ+ ^? relat$ to ! ,,covid-#ai p&emic1 & 9 anticipation ( future disruptions caus$ by climate *ange & o!r factors1 ! ,f$]al ,gov]nm5t requires additional tools to protect resid5ts ( ! ,unit$ ,/ates f price %ocks & pr(ite]+2 & 7#b7 z "o su* tool1 ! ,f$]al ,gov]nm5t %\ld build ! capacity to e/abli% limits on ! gr[? ( c]ta9 prices1 & to o!rwise /rategically regulate su* prices1 9 ord] to /abilize ! co/ ( ess5tial goods & s]vices4 #c4 ,def9itions ,9 ?is ,act3 7#a7 ,advisory ,bo>d ,! t]m ,advisory ,bo>d means ! ,advisory ,bo>d e/abli%$ pursuant to section #d7;f74 7#b7 ,ag5cy ,! t]m ag5cy has ! mean+ giv5 su* t]m 9 section #eea ( title #e1 ,unit$ ,/ates ,code4 7#c7 ,sub-,task ,=ce ,! t]m ,sub-,task ,=ce means ! ,sub-,task ,=ce on ,em]g5cy ,price ,/abilization e/abli%$ pursuant to section #d7;a74 7#d7 ,/rategically important price ,! t]m /rategically important price means a price associat$ ) any good or s]vice t is ubiquit\s z a productive input1 inve/m5t asset1 or b5*m>k us$ to det]m9e o!r prices4 #d4 ,sub-,task ,=ce on ,em]g5cy ,price ,/abilization 7a7 ,e/abli%m5t ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all e/abli% a sub-task =ce to be kn[n z ! ,sub-,task ,=ce on ,em]g5cy ,price ,/abilization "u ! ,:ite ,h\se ,supply ,*a9s ,disruption ,task ,=ce4 7b7 ,duties ( ,sub-,task ,=ce ,! ,sub-,task ,=ce 79 consultation ) ! ,advisory ,bo>d1 ! ,secret>y ( ,labor1 ! ,director ( ! ,consum] ,f9ancial ,protection ,bureau1 ! ,*air ( ! ,f$]al ,trade ,commission1 ! ,director ( ! ,national ,economic ,c\ncil1 ! ,*air ( ! ,c\ncil ( ,economic ,advis]s1 ! ,secret>y ( ! ,treasury1 ! ,*air ( ! ,f$]al ,res]ve ,sy/em1 ! ,national ,climate ,advisor1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy1 & z ne$$1 ) o!r ag5cies ^: jurisdiction is relevant to ! prices describ$ 9 p>agraph 7#a771 us+ ea* me?odology1 tool1 & process describ$ 9 subsection 7d77#a77;,a71 %all d ! foll[+3 7#a7 ,monitor ! price ( c]ta9 goods & s]vices1 includ+ 9 ! foll[+ categories3 7,a7 ,food4 7,b7 ,en]gy4 7,c7 ,h\s+4 7,d7 ,heal? c>e4 7,e7 ,transportation4 7,f7 ,any price f ! li/ ( /rategically important prices describ$ 9 p>agraph 7#b7 z ! ,sub-,task ,=ce det]m9es appropriate4 7#b7 ,e/abli% a li/ ( /rategically important prices t are ( critical importance to ! heal?1 safety1 economic security1 or well-be+ ( resid5ts ( ! ,unit$ ,/ates & update su* li/ 7bas$ on *ang+ economic conditions7 n lat] ?an once e #f mon?s4 7#c7 ,analyze h[ ! prices describ$ 9 p>agraph 7#a7 are impact$ by disruptions to supply *a9s1 includ+ ^? relat$ to ! ,,covid-#ai p&emic & simil> ?reats to public heal?1 climate-driv5 disa/]s & extreme wea!r ev5ts1 & geopolitical conflict1 & by o!r disruptive1 di/ortive1 speculative1 or unusual conditions & practices t may be relat$ to ! increases describ$ 9 p>agraph 7#e74 7#d7 ,inve/igate1 includ+ 9 relation to ! disruptions describ$ 9 p>agraph 7#c71 ! co/s1 pr(its1 price-sett+ & inve/m5t decisions1 & o!r relevant indicators & practices ( economically significant entities1 especially l>ge corporations1 t ex]cise disproportionate pric+ p[] ov] ! prices describ$ 9 p>agraph 7#a74 7#e7 ,det]m9e :5 any su* economically significant entity has act$ to raise or ma9ta9 a price describ$ 9 p>agraph 7#a7-- 7,a7 to exce$ correspond+ increases 9 p]-unit input & labor co/s1 or despite su* co/s t are fall+2 or 7,b7 to an ext5t t is n economically necess>y1 includ+ :5 su* co/ increases c\ld reasonably be absorb$ 9 :ole or 9 "p by ! economically significant entity4 7#f7 ,in=m ! ,presid5t & ,congress1 9 a prompt mann] t is made available to ! public on an appropriate website1 if ! increases describ$ 9 p>agraph 7#e7 are widespread or burd5some su* t action by ! ,f$]al ,gov]nm5t is w>rant$ to protect resid5ts ( ! ,unit$ ,/ates & ! economy ( ! ,unit$ ,/ates1 includ+ :5 su* increases are relat$ to inflation4 7#g7 ,make actionable recomm5dations1 includ+ quantitatively specific recomm5dations z appropriate1 to ! ,presid5t on h[ to address ! increases describ$ 9 p>agraph 7#e71 includ+ ! foll[+3 7,a7 ,t>get$ price controls & regulations to-- 7i7 e/abli% limits on ! gr[? ( ! prices ( goods & s]vices2 & 7ii7 r$uce volatility & promote /ability ( su* prices4 7,b7 ,any o!r concurr5t or subsequ5t action z ! ,sub-,task ,=ce det]m9es appropriate to ensure successful & equitable implem5tation ( su* t>get$ price controls & regulations1 includ+ action to d ! foll[+3 7i7 ,make adju/m5ts to any enact$ recomm5dation bas$ on *ang+ economic conditions4 7ii7 ,gu>antee suffici5t production & supply ( impact$ goods & s]vices1 includ+ ?r\gh ! use ( measures to r$uce sectoral dem&4 7iii7 ,promote ! expansion ( relevant productive capacity &1 z appropriate1 ( /ockpiles & res]ves4 7iv7 ,ensure & v]ify t su* t>get$ price controls & regulations d n lead to an increase 9 7& :]ev] possible r$uce7 gre5h\se gas emissions or any o!r negative impacts on public heal?1 ! environm5t1 & local communities4 7v7 ,e/abli% conditions & requirem5ts on firms t may b5efit f9ancially f ! application ( price controls & regulations to ! supply *a9s ( su* firms1 or t b5efit f o!r =ms ( support "u ?is ,act1 includ+ requirem5ts to pass on l[] co/s to consum]s1 contribute to suffici5t production & supply ( goods & s]vices1 & r$uce gre5h\se gas emissions & o!r negative impacts on public heal?1 ! environm5t1 & local communities4 7vi7 ,e/abli% price floors z appropriate1 includ+ ?r\gh pur*as+1 procurem5t1 & price supports by ! ,f$]al ,gov]nm5t4 7vii7 ,int]v5e directly 9 commodity m>kets to c\nt] speculation1 includ+ by pursu+ collaboration ) ! ,f$]al ,res]ve & pursu+ int]national coord9ation to /abilize su* m>kets4 7#h7 ,design ! recomm5dations 9 p>agraph 7#g7 by tak+ into acc\nt any o!r tool ! ,f$]al ,gov]nm5t is au?oriz$ to use to directly prev5t or c\nt]act price-g\g+1 w9dfall pr(its1 or o!r h>mful practices "u ! purview ( ! ,sub-,task ,=ce1 su* t ! recomm5dations ( ! ,sub-,task ,=ce w complem5t1 "w 9 t&em )1 or address gaps 9 ^? tools1 includ+ by provid+ fa/]-act+ me*anisms :]e necess>y to a*ieve ! goals ( ?is ,act4 7#i7 ,report to ! ,advisory ,bo>d on ! actionable recomm5dations describ$ 9 p>agraph 7#g7 t ! ,advisory ,bo>d advises ! ,sub-,task ,=ce on pursuant to subsection 7f77#c77;,b74 ,! ,sub-,task ,=ce %all make e ef=t to make recomm5dations t are approv$ by ! majority ( ! ,advisory ,bo>d4 7c7 ,p[]s ( ,sub-,task ,=ce 7#a7 ,p[]s ,! ,sub-,task ,=ce1 to ! ext5t necess>y to c>ry out ! duties describ$ 9 subsection 7b77#d7 or any o!r duty describ$ 9 subsection 7b71 may conduct inve/igations1 make reports1 issue subpo5as1 require ! production1 mak+1 or keep+ ( relevant docum5ts & records1 take depositions1 hold he>+s1 & conduct 7directly1 by contract1 or o!rwise7 rese>* activities4 7#b7 ,exam9ation ( records & prop]ties ,! ,sub-,task ,=ce1 & any employee or ag5t ! ,sub-,task ,=ce s designates1 are au?oriz$1 ^u pres5t+ appropriate cr$5tials to ! p]son 9 *>ge1 to ent]1 inspect1 & exam9e1 at a reasonable "t & 9 a reasonable mann]1 records & prop]ties to ! ext5t su* records & prop]ties are relevant to c>ry+ out ! duties describ$ 9 subsection 7b74 7d7 ,reports 7#a7 ,initial report ,n lat] ?an #abj days aft] ! ,presid5t e/abli%es ! ,sub-,task ,=ce pursuant to subsection 7a71 ! ,sub-,task ,=ce %all submit to ! ,presid5t & ,congress & make available to ! public on an appropriate website an initial report t includes ! foll[+3 7,a7 ,a description ( ea* me?odology1 tool1 & process =mulat$ 9 consultation ) ! ,advisory ,bo>d = ! ,sub-,task ,=ce to use to c>ry out ! duties describ$ 9 subsection 7b71 9 a mann] consi/5t ) ! foll[+ goals3 7i7 ,/abiliz+ ! prices ( goods & s]vices t are ( critical importance to ! heal?1 safety1 economic security1 & well-be+ ( resid5ts ( ! ,unit$ ,/ates4 7ii7 ,prev5t+ r$uctions 9 real wages & creat+ conditions to enable gr[? 9 su* wages4 7iii7 ,protect+ ! economy ( ! ,unit$ ,/ates 9 light ( ! disruptions & ?reats describ$ 9 subsection 7b77#c74 7,b7 ,a plan to seek & incorporate input on ea* su* me?odology1 tool1 & process f additional exp]ts on ! economy1 public heal?1 food sy/ems1 h\s+1 & climate *ange1 z well z f labor organizations1 small bus9esses1 community organizations1 & ! public1 includ+ ?r\gh at lea/ #a process ( notice & public comm5t4 7,c7 ,a plan = h[ ! ,sub-,task ,=ce w coord9ate & collaborate ) ! ,bureau ( ,labor ,/ati/ics1 ! ,bureau ( ,economic ,analysis1 ! ,c5sus ,bureau1 & o!r relevant /ati/ical ag5cies & programs ( ! ,f$]al ,gov]nm5t to conduct ! monitor+1 analysis1 & inve/igation describ$ 9 subsection 7b71 includ+ ! creation ( new digital res\rces to collate & organize data z ne$$4 7,d7 ,a prelim9>y analysis1 :i* %all be updat$ z necess>y 9 "o or m subsequ5t reports1 ( h[ prices & pr(its describ$ 9 subsection 7b77#a7 h already increas$ dur+ ! ,,covid-#ai p&emic 9 ! mann] describ$ 9 subsection 7b77#e71 relative to appropriate basel9e p]iods z det]m9$ by ! ,sub-,task ,=ce4 7,e7 ,a detail$ analysis ( ! contribution ( ! h\s+ sector1 includ+ ! r5tal & home[n]%ip m>kets1 to ! accel]ation ( inflation beg9n+ 9 #bjba1 t consid]s ! decision-mak+ & practices ( h\s+ provid]s1 f9ancial in/itutions1 & private equity firms4 7,f7 ,an analysis ( ! au?ority1 o!r ?an ! au?ority describ$ 9 section #e1 ! ,presid5t may use to implem5t & c>ry out ! t>get$ price controls & regulations or o!r concurr5t or subsequ5t action describ$ 9 subsection 7b77#g77;,b71 includ+ "u ! ,def5se ,production ,act ( #aiej 7#ej ,u4,s4,c4 #deja et seq474 7,g7 ,an analysis ( h[ to en=ce any su* price control or regulation4 7,h7 ,an analysis ( ! /eps ,congress c\ld take to facilitate ! duties ( ! ,sub-,task ,=ce & ! ,presid5t "u ?is ,act1 includ+ fur!r am5dm5t ( ! ,def5se ,production ,act ( #aiej4 7,i7 ,a description ( h[ ! ,sub-,task ,=ce int5ds to seek fur!r input f ,congress & ! public 9 c>ry+ out ! duties ( ! ,sub-,task ,=ce "u ?is ,act4 7,j7 ,a plan = maximiz+ democratic p>ticipation 9 ! activities ( ! ,sub-,task ,=ce1 includ+ by work+ ) ,/ate1 local1 & ,tribal gov]nm5ts to create websites & digital res\rces t all[ resid5ts ( ! ,unit$ ,/ates to submit relevant in=mation & fe$back to ! ,sub-,task ,=ce1 :i* may include ! e/abli%m5t ( volunte] committees or networks1 9 coord9ation ) su* gov]nm5ts & community organizations1 to simil>ly assi/ 9 ! monitor+1 analysis1 inve/igation1 & regulation ( prices "u ?is ,act4 7#b7 ,subsequ5t reports ,n lat] ?an #a ye> aft] ! ,sub-,task ,=ce submits to ! ,presid5t & ,congress ! initial report describ$ 9 p>agraph 7#a71 & at lea/ annually !reaft]1 ! ,sub-,task ,=ce %all submit to ! ,presid5t & ,congress & make available to ! public on an appropriate website a report t evaluates ! efficacy ( ! activities c>ri$ out "u ?is ,act1 includ+ any update to ! plans & analyses conta9$ 9 ! initial report4 7e7 ,/aff 7#a7 ,hir+ ,! ,:ite ,h\se ,supply ,*a9s ,disruption ,task ,=ce %all hire /aff to s]ve ! ,sub-,task ,=ce z ! ,:ite ,h\se ,supply ,*a9s ,disruption ,task ,=ce det]m9es appropriate4 7#b7 ,detailees ,a /aff memb] s hir$ may be a detailee1 on a non-reimbursable basis1 f any ag5cy to ! ,sub-,task ,=ce1 includ+ f ! ,f$]al ,res]ve4 7f7 ,advisory ,bo>d 7#a7 ,e/abli%m5t ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all e/abli% an advisory bo>d to ! ,sub-,task ,=ce4 7#b7 ,memb]%ip ,! ,advisory ,bo>d %all consi/ ( an odd numb] ( memb]s appo9t$ by ! ,presid5t & %all be compos$ z foll[s3 7,a7 ,repres5tation ( academic economi/s1 hi/orians1 sociologi/s1 or o!rs ) relevant exp]tise :o h produc$ s*ol>%ip or public policy "w reg>d+ h[ price or pr(it controls h be51 or c be1 adm9i/]$ effectively4 7,b7 ,repres5tation ( academic or public policy exp]ts :o specialize 9 subject matt] areas relevant to ! matt]s describ$ 9 ?is ,act1 includ+ public heal?1 food sy/ems1 h\s+1 & climate *ange4 7,c7 ,equal repres5tation ( labor organizations1 small bus9ess associations1 & consum] or t5ant advocacy organizations4 7#c7 ,duties ,! ,advisory ,bo>d %all-- 7,a7 consult ) & assi/ ! ,sub-,task ,=ce 9 =mulat+ ! me?odologies1 tools1 & processes describ$ 9 subsection 7d77#a77;,a7 = ! ,sub-,task ,=ce to c>ry out ! duties describ$ 9 subsection 7b72 & 7,b7 advise ! ,sub-,task ,=ce on ! actionable recomm5dations describ$ 9 subsection 7b77#g7 by-- 7i7 review+ ea* su* recomm5dation2 7ii7 vot+ on :e!r to approve ea* su* recomm5dation2 & 7iii7 9 ! case t a majority ( ! ,advisory ,bo>d does n approve a recomm5dation1 writ+ a diss5t+ /atem5t ( explanation = ! ,sub-,task ,=ce to include 9 submitt+ su* recomm5dation to ! ,presid5t4 7#d7 ,communications ,! ,advisory ,bo>d1 or "o or m memb]s !re(1 may publi% reports or any o!r communication at any "t at _! discretion1 if su* reports & communications are cle>ly di/+ui%$ f ! reports ( ! ,sub-,task ,=ce1 & ! p>ticul> au?ors & co-signatories are cle>ly indicat$4 7g7 ,additional advisory bo>ds ,! ,sub-,task ,=ce may e/abli% advisory bo>ds1 o!r ?an ! ,advisory ,bo>d1 z ! ,sub-,task ,=ce det]m9es appropriate to focus on specific indu/ries1 sectors1 or geographical regions1 & to consult ) ! ,sub-,task ,=ce on ! actionable recomm5dations describ$ 9 subsection 7b77#g74 ,any su* advisory bo>d %all include equal repres5tation ( labor organizations & bus9esses 7includ+ small bus9esses7 f any relevant indu/ry or sector1 broad repres5tation ( /akehold]s & communities f any relevant geographical region1 & repres5tation f relevant subject matt] exp]ts & consum] or t5ant advocacy organizations4 7h7 ,t]m9ation ,! ,sub-,task ,=ce %all t]m9ate n lat] ?an ,decemb] #ca1 #bjbh4 #e4 ,presid5tial au?ority 7a7 ,ord]s & regulations ,! ,presid5t may enact or adju/ price controls & regulations z ! ,presid5t det]m9es appropriate to /abilize prices ( goods & s]vices1 9 accordance ) ! actionable recomm5dations ( ! ,sub-,task ,=ce describ$ 9 section #d7;b77#g7 & ! goals describ$ 9 section #d7;d77#a77;,a74 7b7 ,communications to ,congress ,if ! ,presid5t enacts or adju/s a price control or regulation "u subsection 7a71 ! ,presid5t %all submit to ,congress an explanation t is made available to ! public on an appropriate website t /ates h[ su* price control or regulation is consi/5t ) ! requirem5ts ( ?is ,act1 includ+ ! goals describ$ 9 section #d7;d77#a77;,a74 7c7 ,div]g5ce f recomm5dations ( ,sub-,task-,=ce ,if ! ,presid5t enacts or adju/s a price control or regulation "u subsection 7a71 su* price control or regulation may reasonably div]ge f ! relevant actionable recomm5dations ( ! ,sub-,task ,=ce describ$ 9 section #d7;b77#g71 if-- 7#a7 ! ,presid5t /ates & supports ! reasons = su* div]g5ce 9 ! communication describ$ 9 subsection 7b72 & 7#b7 su* price control or regulation is /ill qualitatively consi/5t ) ! crit]ia describ$ 9 subp>agraph 7,a7 or 7,b7 ( section #d7;b77#g74 #f4 ,delegation ,! ,presid5t may delegate ! p]=mance (-- 7#a7 any au?ority ( ! ,presid5t "u ?is ,act to ! head ( any ag5cy z ! ,presid5t det]m9es appropriate2 & 7#b7 any function ( ! ,sub-,task ,=ce "u ?is ,act to any o!r ag5cy or (fice1 or any new entity or (fice ! ,presid5t may e/abli%1 z ! ,presid5t det]m9es appropriate4 #g4 ,wages & sal>ies ,! au?ority to make recomm5dations & issue & en=ce ord]s & regulations "u ?is ,act does n include ! au?ority to make recomm5dations or enact price controls or regulations to 9 any way r$uce1 freeze1 or e/abli% limits on ! gr[? ( ! wages & sal>ies ( work]s4 #h4 ,expiration ( ,presid5tial au?ority 7a7 ,expiration ,! au?ority conf]r$ by ?is ,act on ! ,presid5t to issue & en=ce ord]s & regulations "u ?is ,act expires on ,decemb] #ca1 #bjbd4 7b7 ,rule ( con/ruction ,no?+ 9 subsection 7a7 may be con/ru$ to affect any o!r au?ority ! ,presid5t may use to implem5t & c>ry out t>get$ price controls & regulations1 includ+ su* au?ority id5tifi$ pursuant to section #d7;d77#a77;,d74 #i4 ,report ( ! ,national ,economic ,c\ncil ,n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,national ,economic ,c\ncil1 9 consultation ) ! head ( any ag5cy or private entity z ! ,national ,economic ,c\ncil det]m9es to be necess>y1 %all submit to ! ,presid5t & ,congress & make available to ! public on an appropriate website a report t analyzes h[ ! ,f$]al ,gov]nm5t c exp& its capacity to /abilize & manage prices ov] "t1 includ+ an analysis ( ! foll[+3 7#a7 ,h[ ! ,f$]al ,gov]nm5t1 ,/ate gov]nm5ts1 & o!r public regulatory bodies already regulate c]ta9 prices1 directly or indirectly1 & h[ su* regulations c\ld in=m & facilitate fur!r /abilization & managem5t ( prices by ! ,f$]al ,gov]nm5t4 7#b7 ,h[ ! ,f$]al ,gov]nm5t has /abiliz$ & manag$ prices directly 9 ! pa/4 7#c7 ,conditions relat$ to facilitat+ ! /abilization & managem5t ( prices by ! ,f$]al ,gov]nm5t1 includ+-- 7,a7 adm9i/rative ne$s1 includ+ ,f$]al data & rese>* ne$s & improvem5ts 9 corporate transp>5cy1 data collection1 & record keep+1 to c>ry out effective1 compreh5sive monitor+ ( ! prices ( goods & s]vices1 corporate pr(its1 price-sett+ & inve/m5t decisions1 supply *a9s1 & o!r relevant indicators & practices2 7,b7 ! maximization ( democratic p>ticipation by ! ag5cy or entity c>ry+ out su* price managem5t2 & 7,c7 me?ods ( en=cem5t4 7#d7 ,o!r policies & inve/m5ts ! ,f$]al ,gov]nm5t %\ld prioritize1 9 conjunction ) price managem5t1 to ease inflation>y pressures & enhance ! heal?1 safety1 economic security1 & well-be+ ( resid5ts ( ! ,unit$ ,/ates1 includ+ inve/m5ts 9 su/a9able agriculture & food sy/ems1 r5ewable en]gy & effici5cy1 dome/ic manufactur+1 j & resili5t global supply *a9s1 public & af=dable h\s+1 public transportation1 univ]sal heal? & *ild c>e1 o!r public c>e infra/ructure1 & o!r free or af=dable public goods & s]vices4