I don't think this is a bad idea, as such. I'm a fascist commie Canadian who thinks the government should get more involved in everything, clearly. I just wish it were backed by decent science, not by Environmental Working Group's food-babe-style scare tactics. The association with the EWG (a lobby group - sorry "nonprofit consumer health advocacy group" started by personal injury lawyers) just taints the whole fucking thing for me. Did you know that women put 168 chemicals on their bodies everyday *cough*mostareprobablysafe*cough*? Are they counting water?
You can find a good critique of the EWG's "scientific" methods here, which doesn't really even address their hysteria. (Here's another critique with good links from something called the Yummy Mommy Club? But a useful article, anyway.)