Is Feb. 10 financial doomsday for thousands?

Is Feb. 10 financial doomsday for thousands?: "A new government regulation scheduled to take effect next month has thousands of retailers, thrift stores and small businesses worried they will be forced to permanently close their doors – and destroy their merchandise.

The law is expected to have such a devastating impact that Feb. 10 is now unofficially known as 'National Bankruptcy Day.'

Congress passed the Consumer Product Safety Improvement Act of 2008, or HR 4040, a retroactive rule mandating that all items sold for use by children under 12 must be tested by an independent party for lead and phthalates, which are chemicals used to make plastics more pliable.

All untested items, regardless of lead content, are to be declared 'banned hazardous products.'' The CPSC has already determined the law applies to every children's item on shelves, not just to items made beginning Feb. 10.

The regulations could force thousands of businesses – especially smaller ones that cannot afford the cost of lead testing – to throw away truckloads of children's clothing, books, toys, furniture and other children's items and even force them to close their doors."