To declare certain children's products containing lead to be banned hazardous substances.

Bans as a hazardous substance within the meaning of the Federal Hazardous Substances Act any children's product containing more than the specified amounts of lead. Defines the term "children's product" to mean any consumer product marketed for use by children under age six, or whose substantial use by children under age six is foreseeable.

Sets forth standards for the amount of lead that may be in such products over time. Authorizes the Consumer Product Safety Commission (CPSC) to revise the standards to any lower amount of lead that CPSC determines is feasible to achieve. Requires CPSC to review and revise the standards to require the lowest amount of lead that is feasible to achieve five years after this Act's enactment.

Requires children's products that are electronic devices to be equipped with a child-resistant cover or casing that limits exposure of and accessibility to the parts of the product containing lead if the CPSC determines it is not feasible for such products to attain lead standards. Requires such an alternative standard to be considered to be a consumer product safety rule under the Consumer Product Safety Act. Authorizes CPSC to establish a schedule by which such electronic devices shall be in full compliance.