The Consumer Product Sanity Act would modify how the Consumer Product Safety Commission creates federal safety standards for consumer products. Currently, the Commission can create mandatory federal standards when it determines a voluntary industry standard won't achieve adequate compliance. This bill would restrict that authority by requiring any new federal safety standard to either be identical to an existing voluntary standard or include at least one compliance option that matches a voluntary standard exactly. The legislation aims to increase reliance on industry-developed voluntary standards rather than federal regulation, affecting manufacturers and consumers who depend on product safety protections. The bill does not specify funding levels or implementation timelines.