Last week, The Defend Trade Secrets Act was introduced by U.S. Senators Chris Coons (D-Del.) and Orrin Hatch (R-Utah), both members of the U.S. Senate Judiciary Committee. The legislation is aimed at combating the loss of billions of dollars each year to companies from trade secret theft by creating a uniform federal standard which provides a private right of action, neither of which currently exists.
The lawmakers stated that federal criminal law is insufficient, and trade secrets theft accounts for losses of an estimated $160 billion to $480 billion each year in the United States.
“The intellectual property that drives the U.S. economy has never been more valuable, or more vulnerable,” Coons said in the written statement. “This bipartisan bill will empower American companies to protect their jobs by legally confronting those who steal their trade secrets. It will finally give trade secrets the same legal protections that other forms of critical intellectual property already enjoy.”
Senator Coons was the keynote speaker at the April 10th Trade Secrets Discussion hosted by CREATe.org, NAM, and the U.S. Chamber. Read more about it here.
The full text of the bill can be downloaded as a PDF here: http://coons.senate.gov/download/defend-trade-secrets-act.
CREATe.org Resources for Trade Secret Protection
CREATe-PwC Report: Economic Impact of Trade Secret Theft – A Framework for Companies to Safeguard Trade Secrets and Mitigate Potential Threats
Whitepaper: Trade Secret Theft: Managing the Growing Theft in Supply Chains