Cost of Living Measurement and Index Act of 2001

H.R. 715, the Cost of Living Measurement and Index Act of 2001, would require the Department of Labor to develop a new method for calculating the specific cost of living in every state, factoring in local prices for housing, goods, and services. Additionally, the bill would require a study to determine how federal benefits, such as Social Security, would increase for residents in high-cost states if payments were adjusted based on these local economic conditions. The primary goal of the legislation is to ensure that federal assistance more accurately reflects the actual expenses faced by citizens depending on where they live.