Child Handgun Safety Act - Directs the Consumer Product Safety Commission (CPSC) to promulgate a consumer product safety standard for handguns that requires that: (1) any handgun manufactured in the United States must be child-resistant and include a mechanism that effectively precludes an average five-year old child from operating it when it is ready to fire (effective one year after this Act's enactment date); and (2) any handgun sold, offered for sale, traded, transferred, shipped, leased, or distributed in the United States must be child-resistant as manufactured or retrofitted to be child-resistant (effective two years after such date).
Includes as such a mechanism: (1) raising trigger resistance to at least a 10-pound pull, (2) altering the firing mechanism so that an average 5-year old child's hands are too small to operate the handgun, or (3) requiring a series of multiple motions in order to fire the handgun.
Exempts antique firearms and firearms owned by the Department of Defense (DOD).
Requires the cost of retrofitting a firearm to meet such requirement to be borne by the manufacturer if the manufacturer is operational at the time the retrofit is required, but permits the use of the Department of Justice Assets Forfeiture Fund for payments to reimburse handgun manufacturers for the costs of retrofitting required by this Act.