Magnet Injury Prevention Act This bill prohibits as hazardous consumer products specified small, high-powered magnets. The prohibition includes magnets that (1) are designed and marketed for entertainment or mental stimulation (e.g., puzzle working, sculpture building, or certain jewelry); (2) are not classified as a toy or children’s jewelry subject to existing standards; (3) pose a choking, aspiration, or ingestion risk to young children; and (4) have a magnetic field magnitude above a certain threshold. The bill also authorizes the Consumer Product Safety Commission to issue product safety standards for certain other types of small, high-powered magnets.