The bill requires the Consumer Product Safety Commission to finalize consumer product safety standards for lithium-ion batteries used in light electric vehicles, e-bikes, and personal e-mobility devices within 180 days of the enactment. It also outlines the procedure for updating and notifying the Commission about revisions to the standards. Additionally, it mandates a report to Congress within 5 years, detailing fires, explosions, and hazards related to these batteries used in micromobility products, including details about the incidents and the compliance with the set standards.