The booming industry of personal care products may be in for a shakeup thanks to a new bipartisan bill that seeks to give the FDA greater oversight in regulating cosmetics, The New York Times reported

Lipsticks with lead, hair straighteners with formaldehyde and carcinogens in nail polish are just some of the issues advocates have raised while lobbying for greater government oversight of what makeup and skincare companies put in their products.

Though manufacturers guarantee safety, "most consumers don't have much faith in voluntary company commitments," said Scott Faber, vice president of government affairs for the Environmental Working Group, The Times reported.

"The absence of a credible regulator has undermined consumer confidence in everyday products."

That may change with new legislation introduced by Sens. Dianne Feinstein, a California Democrat, and Susan Collins, a Maine Republican. If passed, the measure would give the Food and Drug Administration the ability to demand companies to pull toxic products off the market.

Under the current Food Drug and Cosmetic Act, in place since 1938, the FDA can only ask manufactures to recall harmful products.

"This bill is the best hope for meaningful cosmetics regulation in many years," Faber told the newspaper.

Companies would be required to disclose reports of "serious" adverse effects - such as scarring or even death - which they also currently aren't required to do. The FDA would also issue an annual safety review of five controversial ingredients like propylparaben, used as a preservative, and formaldehyde.

Many cosmetic and personal care giants have already shown solidarity with the push for more regulation by setting their own standards for reducing or eliminating harmful ingredients.

"We do feel that it's very important that the FDA's authority in this space bring peace of mind to consumers and at the same time reflect modern science and advancements," Darrel Jodrey, executive director of federal affairs at Johnson & Johnson, told the Times.

The FDA would not immediately comment on the bill, saying "as a matter of practice, FDA does not comment on proposed or pending legislation."