KLOBUCHAR-BACKED BIPARTISAN BILL TO PROTECT AMERICAN BUSINESSES FROM INTELLECTUAL PROPERTY THEFT PASSES SENATE
Stolen trade secrets cost American companies billions of dollars each year and threaten their ability to innovate and compete globally; trade secret theft poses a particular risk for Minnesota, which has a strong tradition of innovation and bringing technological advances to the marketplace
The bipartisan Defend Trade Secrets Act that passed Senate today will help protect companies from theft and make them more competitive in today’s global economy
WASHINGTON, DC – U.S. Senator Amy Klobuchar announced that bipartisan legislation she has cosponsored to protect American businesses from intellectual property theft has passed the Senate. Stolen trade secrets cost American companies billions of dollars each year and threaten their ability to innovate and compete globally. Trade secret theft poses a particular risk for Minnesota, which has a strong tradition of innovation and bringing technological advances – from the pacemaker to the post-it-note – to the marketplace. The bipartisan Defend Trade Secrets Act that passed the Senate today will help protect companies from theft and make them more competitive in today’s global economy.
“In today’s information age, stealing trade secrets can be as easy as clicking a button or touching a screen. That’s why protecting the intellectual property of American businesses from theft needs to be addressed with 21st century solutions,” Klobuchar said. “This bipartisan bill will give American companies better tools to effectively protect themselves from theft and make them more competitive in today’s global economy.”
In today’s electronic age, trade secrets can be stolen with a few keystrokes, and increasingly, they are stolen at the direction of a foreign government or for the benefit of a foreign competitor. These losses put U.S. jobs at risk and threaten incentives for continued investment in research and development.
Current federal criminal law is insufficient. Although the Economic Espionage Act of 1996 made trade secret theft a crime, the Department of Justice lacks the resources to prosecute many such cases. Laws also vary state-to-state, making it difficult for U.S. companies to craft consistent policies.
The Defend Trade Secrets Act would:
Harmonize U.S. law by building on the Economic Espionage Act to create a uniform standard for trade secret misappropriation. Companies will be able to craft one set of nondisclosure policies secure in the knowledge that federal law will protect their trade secrets.
Provide for injunctions and damages, to preserve evidence, prevent disclosure, and account for the economic harm to American companies whose trade secrets are stolen without preventing employee mobility.
Be consistent with the remedies provided for other forms of intellectual property, such as patents, trademarks and copyrights, which are all covered by federal civil law.
For a broadcast-quality video excerpt of Klobuchar’s remarks on this legislation, click here.
