No less retarded than other traffic safety laws. Hell, they made a law stating that school buses have to have seatbelts. There's just a couple problems:
(1) The seats themselves are designed to cushion impacts and prevent injuries
(2) Lap belts cause more injuries than they prevent on a bus
(3) In the event of an evacuation, you've got one driver, and 60-77 kids. How in the actual fuck do you think that driver is going to extricate 77 panicked kids from their belts in case of a fire?
So instead we've got belts on buses--the kids trip over them every day, belt them across the aisle and cause other kids and staff to fall, and regularly bash each other in the head and face with the buckles. Pro move, thanks lawmakers, for making another law you know fuck-all about.
EDIT: I think NY Gov Andrew Cuomo should be required to wear a helmet all the time.