Expresses the sense of the Senate that the Consumer Product Safety Commission (CPSC) should: (1) initiate a formal proceeding to investigate drywall imported from China from 2004 through 2007; (2) prohibit further importation of drywall and associated building products from China; (3) order a recall of hazardous Chinese drywall; and (4) seek civil penalties against the drywall manufacturers in China that produced or distributed hazardous drywall and their U.S. subsidiaries to cover the cost of the recall effort and associated remediation.
Urges the Secretary of the Treasury and the Secretary of Housing and Urban Development to: (1) use all available measures, including civil forfeiture, to ensure that homeowner assistance costs are borne by the drywall manufacturers in China and their U.S. subsidiaries and not by U.S. taxpayers; and (2) develop meaningful federal tax incentives to help offset drywall repair costs for struggling homeowners already suffering from depressed home values and negative economic conditions.