The cosmetics industry is surprisingly under-regulated.
Since the passing of the Federal Food, Drug and Cosmetic Act, the U.S. cosmetics industry–currently valued at $62 billion–has been under the jurisdiction of the Food and Drug Administration (FDA). This Act, a 112-page law passed in 1938, provides exactly one full page detailing the regulation of cosmetics, and according to the Campaign for Safe Cosmetics "provides virtually no power to perform even the most rudimentary functions to ensure the safety" of the enormous industry. While food and pharmaceuticals tend to face stringent regulations–think Taco Bell and their not-allowed-to-call-this-beef mystery sludge–cosmetics have been virtually regulation-free for the past 80 years. Most cosmetics don't even need FDA approval, and are largely self-regulated by the companies that produce them.