§2088 Financial Responsibility

Summary

The Commission must work with U.S. Customs and Border Protection and other federal agencies to find any consumer product, or other item it regulates, when the normal cost to destroy that item would be more than the bond amounts set under sections 1623 and 1624 of title 19. The Commission must then tell U.S. Customs and Border Protection what higher bond amount would cover the destruction cost. The Comptroller General must study whether companies should be required to post an escrow account, proof of insurance, or other security large enough to pay to destroy a domestically made product the Commission regulates, and whether companies should post similar funds or insurance to pay for an effective recall of a domestic or imported product the Commission regulates. The Comptroller General must send a report with the study results and any recommendations to the appropriate Congressional committees within 180 days after August 14, 2008.