The BabyGap is currently selling a pair of boys, roll-up, casual pants. The waistband features a "decorative" drawstring. Since the nearest BabyGap to me is over 100 miles away, it is unlikely I will be able to see how these are actually made. I assume a ribbon is passed through two buttonholes and then tied in front. Now technically this is not a "drawstring" and the ribbon ends appear short enough. Also, the drawstring guidelines apply to children aged 2 and older. Still, this would probably not be acceptable by the CPSC (links to a PDF). The CPSC has broadened its interpretation of the drawstring guidelines based on recent recalls.
BTW, these parachute pants for boys definitely do not follow the guidelines which have been in force since 1996. Neither do these sweatpants, and four styles of shorts (scroll to bottom of category). The hoodies all appear to be drawstring free. Someone must be sleeping at Gap? Any guesses how long until some product recalls?
(I didn't post the pictures of these items because I don't have permission to do so. Just follow the links to the items for however long they remain live.)