Some interesting information in this thread that I think should be explained, and some I've never heard...but am researching.
Worth repeating -
You can't sanitize a dirty surface. An analogy for those who may not understand the difference. If hard mud is packed and dryed on your car, spraying a little bleach on the mud does not make it clean. Millions of microscopic pore spaces on the the surface of the mud will never be sanitized. The paint under the mud is also not clean and probably filled with microorganisms, organic material, and who knows what else. To clean the car you need to scrub the mud off, hose it down, and then you have a clean surface ready for sanitation. Substitute old brew for mud and a carboy for the car for brewing.
Federally Approved Sanitizers - I have never heard of this term before. But some definitions I found.
Per the EPA, a sanitizer must kill 99.9% of test bacteria on a hard surface within 5 minutes
http://www.epa.gov/oppad001/dis_tss_docs/dis-10.htm. On a food contact surface like a carboy or stir paddle, it must kill the test bacteria within 30 seconds.
http://www.epa.gov/oppad001/dis_tss_docs/dis-04.htm Sanitizers are considered to be wide spectrum eliminators of bacteria, viruses, mold, mildew and fungi.
The Code of Federal Regulations also has a section explaining what sanitizing solutions may be used on food manufacturing equipment and food contact surfaces
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfcfr/cfrsearch.cfm?fr=178.1010 This is not the same as an "approved" sanitizer, but defines what a sanitizer can be made from.
Sanitizers are also food additives under the Federal Food, Drug, and Cosmetic Act, as amended (21 U.S.C. 201) (<---law that US FDA derives it's authority from), and require establishment of a food additive tolerance.
A fairly decent pdf can be found at
http://www.steptoe.com/assets/attachments/3208.pdf but I take exception to the "approval" section because the product isn't approved, the chemicals inside have been determined effective when used according to the prescrbed instructions. I'm in no way associated with the company on the pdf, it was found using a google search.
But as Revvy alluded to above, the cost to prove a chemical is "sanitizer", and thus labeled accordingly, is estimated around $1x10^6. Can't say I would trust my equipment to a company with a ground breaking product that can't generate the capital for the studies.
Bleach - I've never had problems with bleach, but I also keep the ppm < 200 to reduce the chance of biofilm formation on my equipment. The biofilm can make your surface uncleanable, and unsanitizable by proxy. If you want to use bleach, follow the instructions and don't use the chug-a-lug method of measuring. I prefer StarSan and would only use bleach if money was an issue.
And Revvy, a good tip for the thread at
https://www.homebrewtalk.com/f11/what-sanitisers-cleaners-used-43688/, if using 70% (or 90%) isopropyl alocohol, the alchohol must air dry to be effective. Don't wipe it off. Same ingredient and process for all those hand sanitizer pumps at the checkout stands.