President Bush just signed into law a ban on lead and another dangerous chemical called phthalates in toys and children's products, according to the Associated Press.

The ban, which is the toughest in the world, would double the budget of the federal Consumer Product Safety Commission to $136 million by 2014. It would also give the agency new authority to oversee testing procedures by toy manufacturers and to punish violators of the law.

The prices for toys may go up as a result of the new legislation, but as of now shares for toy makers are actually up, according to AP.

"The new law prohibits lead, beyond minute levels, in products for children 12 or younger. Lead paint was a major factor in the recall of 45 million toys and children’s items last year, many from China.

Both houses of Congress approved the bill by overwhelming margins two weeks ago.

The Consumer Product Safety Commission estimates there are about 28,000 deaths each year linked to unsafe products, including toys, in the United States. More than 33 million people were injured last year by consumer products.

The bill also bans a chemical called phthalates that is widely used to make plastic products softer and more flexible."