Magnet Injury Prevention Act This bill prohibits as hazardous products specified consumer magnets made from alloys of rare-earth elements (i.e., the group of metallic elements that includes lanthanides, scandium, and yttrium). The prohibition includes magnets that (1) are commonly marketed for entertainment (e.g., puzzle working or sculpture building), (2) are not classified as a toy or children’s jewelry, (3) pose a choking risk to young children, and (4) have a magnetic field magnitude above a certain threshold.