From The Smart Mama, in answer to the question "Does Pres. Obama's rule freeze delay the CPSIA?"

No. The "rule" freeze is a freeze on regulations, not the law itself. The lead content limit and phthalate ban are in the text of the law itself - and remain unaffected by the regulatory freeze. In fact, the regulatory freeze is actually detrimental since the exemptions for natural products and lead in electronics are in the regulatory pipeline. So, these are delayed by Pres. Obama's order. [Link]

We suspected the freeze wouldn't impact CPSIA implementation when we last posted about this, but had no idea about the ramifications for changes to the CPSIA - by Jennifer's assessment, it's the "fine-tuning" itself that is frozen. This would mean that what exemptions have currently been made - for natural, untreated materials like wood and wool - will not be there to protect manufacturers or resellers on February 10.

Jennifer Taggart's blog The Smart Mama is a great resource for detailed analysis of the CPSIA, and she's quick on her feet. Check it out here, particularly if this legislation impacts your own business.