No, it doesn't mention hair stuff specifically, ladies, but this is what the CPSC does say in their summary of the Consumer Products Safety Improvement Act: The new legislation imposes an additional third-party testing requirement for all consumer products primarily intended for children twelve years of age or younger. Every manufacturer (including an importer) or private labeler of a children’s product must have its product tested by an accredited independent testing lab and, based on the testing, must issue a certificate that the product meets all applicable CPSC requirements.
Please notice that it says "ALL consumer products"! The highlighted paragraph is taken from this page, the summary of the CPSIA. The entire text and all sorts of FAQs are on this site, so please go here if you want it straight from the horse's mouth, so to speak.
Want to know what to do? Cool Mom Picks had a great post about the issue today here. And yes, I'm the Diana mentioned in the edit, though they got my shop wrong in the link
Off to e-mail my congressional representatives...