Consumer Product Safety Commission - CPSC

AAA

DEFINITION of 'Consumer Product Safety Commission - CPSC'

A U.S. government agency that protects the American public from products that may create a potential hazard to safety. The Consumer Product Safety Commission focuses on consumer products that pose an unreasonable risk of fire, chemical exposure, electrical malfunction, or mechanical failure. Products that expose children to danger and injury are also a high priority. The Consumer Product Safety Commission investigates complaints from consumers concerning unsafe products, and also issues recalls of products that may be defective or violate mandatory standards.

INVESTOPEDIA EXPLAINS 'Consumer Product Safety Commission - CPSC'

This agency keeps a watchful eye over products such as power tools, cribs, toys, household chemicals and cigarette lighters. It is an independent federal regulatory agency whose charter includes the following tasks:


- To work with industry to develop voluntary product standards
- To issue mandatory standards when required, or ban specific products where no standard would provide adequate public protection
- To enforce standards and issue recalls or repair orders whenever necessary
- To conduct independent research on potential hazards
- To respond to consumer inquiries and complaints regarding specific products
- To inform and educate consumers through the media and government channels

RELATED TERMS
  1. Regulated Market

    A medium for the exchange of goods or services over which a government ...
  2. Consumer Goods

    Products that are purchased for consumption by the average consumer. ...
  3. Research And Development - R&D

    Investigative activities that a business chooses to conduct with ...
  4. Food And Drug Administration - ...

    A government agency established in 1906 with the passage of the ...
  5. Product Recall

    The process of retrieving defective goods from consumers and ...
  6. Economic Justice

    Economic justice is a component of social justice. It's a set ...
Related Articles
  1. Consumer Spending As A Market Indicator
    Markets

    Consumer Spending As A Market Indicator

  2. Stock Scandals: Why Some Companies Survive ...
    Markets

    Stock Scandals: Why Some Companies Survive ...

  3. Profiting From A Consumerless Recovery
    Options & Futures

    Profiting From A Consumerless Recovery

  4. How A Limited Government Affects A Country's ...
    Economics

    How A Limited Government Affects A Country's ...

Hot Definitions
  1. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  2. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  5. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  6. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
Trading Center