New law targets latest health menace -- and it's in your living room

President Obama recently signed a law aimed at reining in the latest health menace -- formaldehyde in wood often used in sofas, cabinets and other home furnishings.

The president's move came after the World Health Organization determined that formaldehyde, which is often used in wood for furniture, is carcinogenic, and the Environmental Protection Agency advised that overexposure to the chemical complicates breathing, irritates the eyes and causes nausea.