How to check if an IAM access key has specific permissions?

Is it possible to check if a particular AWS IAM key has permissions for a set of specific commands?

Essentially, is there an API for AWS's privacy simulator?

So far I've been using hacks, such as executing a command with incorrect parameters that utilizes the permission in question, and watching what response I get back.

Example:

# needed resource: 'elasticloadbalancer:SetLoadBalancerListenerSSLCertificate'

# Check:
try:
    elb.set_listener_SSL_certificate(443, 'fake')
except BotoServerError as e:
    if e.error_code == 'AccessDenied':
        print ("You don't have access to "
               "elasticloadbalancer:SetLoadBalancerListenerSSLCertificate")

This is obviously hacky. Ideally I'd have some function call like iam.check_against(resource) or something. Any suggestions?