Requires the Consumer Product Safety Commission (CPSC) to identify potential safety hazards which exist in children's clothing, focusing on imported children's clothing, and to promulgate a consumer product safety rule establishing any necessary safety standards. Defines "children's clothing" as any article of clothing, including shoes, intended to be worn or used by children under the age of 8, or for which the wearing by a child under the age of 8 is foreseeable.