This bill establishes the Health Care Cost Containment Commission within the New Jersey Department of Health and allocates $5 million for its operations. The commission's primary objectives include creating data analytics and reporting mechanisms to enhance healthcare affordability, reviewing healthcare expenditures, identifying trends in healthcare cost and hospital price growth, and establishing a healthcare cost growth benchmark. The commission will consist of 15 members appointed by various stakeholders, including the Governor, legislative leaders, and representatives from local government, public and private sectors, and consumer advocacy groups. Members will serve staggered five-year terms and will be tasked with promoting health equity and reducing consumer spending on healthcare.

Additionally, the commission is required to prepare and submit an annual report to the Governor and the Legislature, detailing established healthcare cost growth benchmarks and providing policy recommendations aimed at lowering healthcare costs. The Commissioner of Health is authorized to adopt necessary rules and regulations to implement the provisions of the bill. The act is set to take effect 180 days after its enactment.