The commission said consumers should immediately stop using the floats.
Leg straps in the seat of the float are prone to tearing, which can cause children to fall into or under the water.
So far, the commission has received 31 reports of torn seats; no injuries have been reported.
The floats, which were made in China, were sold at Target, Toys "R" Us, Wal-Mart, Dollar General, Kmart, Walgreens, Ace Hardware and Bed Bath & Beyond from December 2002 to June 2009. They cost between $8 and $15.
There are fourteen styles of floats included in the recall. Some are shaped like boats, crabs, turtles or cars. (A complete list can be found on the company's Web site.)
The recalled floats were sold in a variety of styles and colors. A date between 08/02 and 07/08 is molded on the valves of recalled products.
Products not included in the recall can be identified with the lettering "NP" molded on the valve.
The company is based in Avon, Mass.
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