For what it's worth, here's an excerpt from the Snopes.com article:
"...
We spoke with a compliance officer at the Food and Drug Administration (FDA) about the possibility of lead being present in lipsticks. All dyes used in foodstuffs or cosmetics have to be vetted by the FDA for safety, and although some of the colorants the FDA grants approval to do contain lead, it is present in such miniscule amounts that is has no adverse effects on consumers. Manufacturers who wish to do business in the USA are restricted to the use of FDA-certifiable colors only; otherwise their products will not be allowed in the country or onto the shelves of American stores. Each of these approved dyes has its own rigid set of specifications which must be adhered to. For instance,
F&C Red #6 cannot contain more than 20 parts per million of lead (also not more than 3 parts per million of arsenic or 1 part per million of mercury)..."
<3 Lolly