This legislation requires the Consumer Product Safety Commission (CPSC) to establish consumer product safety standards for lithium-ion batteries. Within 180 days of enactment, the CPSC must promulgate specific voluntary standards, including ANSI/CAN/UL 2271 for batteries in light electric vehicles, ANSI/CAN/UL 2849 for eBike electrical systems, and ANSI/CAN/UL 2272 for personal e-mobility device electrical systems. These standards will apply specifically to consumer products as defined by the Consumer Product Safety Act. The bill also establishes a mechanism for updating these standards; if the voluntary standards are revised, the revising organization must notify the CPSC. The revised standard will then become effective as a consumer product safety standard unless the CPSC determines it does not improve safety. Furthermore, the CPSC is mandated to submit a report to Congress within five years, detailing fires, explosions, and other hazards related to lithium-ion batteries in micromobility products, including information on compliance and product specifics.