US FDA Eases Baby-Formula Import Rules to Boost US Supplies, page-37

Correct, though reporting suggests that supply is already being diverted from countries like Ireland, which I think would normally be destined for other (non-imperial) markets.

There will be a streamlined compliance checking process (focused on quality and ingredients) which would still take weeks at least. However, I get the impression they aren't requiring specific new production, artwork, labeling etc. for the US market. The could probably just whack a sticker on it or something.

The whole relaxation on imports is temporary, lasting 180 days.