Right now the FDA does not review cosmetic. Recalls are only subject to the discretion of distributor. As of right now, the FDA has enough trouble monitoring all of the oral supplements on the market. It does not seem as if the FDA will have the man power to regulate cosmetics.
Cosmetics are not subject to FDA approval before they go to the market, unlike drugs and medical equipment. They regulate the correct labeling of ingredients in products and there are restrictions on certain ingredients that cannot be used. The FDA can also request a company to recall a product or regulate misbranding. A great resource for finding out more information on ingredients in your cosmetics is Skin Deep, a cosmetics safety guide founded by the Environmental Working Group: http://www.cosmeticsdatabase.com/
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