When I was checking items for recalls before Aubrina was born, I came a cross the Consumer Product Safety Commission's website. They are a government agency that monitors product recalls daily, and you can sign up to be notified by email whenever a recall occurs. I signed up back in August and have received an email almost every day with new product recalls. That might sound like a lot of emails, but I've found it to be very valuable.
For example, yesterday's list included a
crib toy that we received at our baby shower.

But they don't only monitor baby items. Today's list included
fire extinguishers that fail to operate. I checked all of ours and they were not included in the recall.
The CPSC always includes pictures and detailed instructions to find out if the product you have is included in the recall. They also give instructions on how to contact the manufacturer for a refund, replacement, or how to fix the item.
The items that we've had recalled in the past 6 months are:
a crib,
baby bjorn,
crib toy, and a
circular saw.
The scariest was probably our original
bassinet.

They also send out safety announcements and information on new laws. We have a lot of friends and family that have pools, so we found this
Pool And Spa Safety Law update really helpful.
For all you parents out there, I highly recommend signing up at the
CPSC website.