§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 regulated item where the cost to destroy it would normally be higher than the bond amounts set in sections 1623 and 1624 of title 19. The Commission must then tell Customs what bond amount would cover the destruction cost. The Comptroller General must study whether companies should be required to post an escrow, show insurance, or provide other security to cover the cost of destroying products made in the U.S., and to cover the cost of an effective recall for products made in or imported into the U.S. The Comptroller General must report the study’s conclusions, an assessment of whether such an escrow rule could be put in place, and any recommendations to the proper Congressional committees not later than 180 days after August 14, 2008.