The bipartisan Defend Trade Secrets Act that was signed into law by President Obama today will help protect companies from theft and promote economic growth

 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

WASHINGTON, DC – Bipartisan legislation supported by Senator Amy Klobuchar to protect American businesses from intellectual property theft and promote economic growth was signed into law by the President today. 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, which passed the Senate last month, 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 21^st century solutions,” Klobuchar said. “This bipartisan bill that was signed into law will give American companies better tools to effectively protect themselves from theft and make them more competitive in today’s global economy.”

The Defend Trade Secrets Act will build upon the Economic Espionage Act of 1996 and safeguard American companies against foreign governments and competitors. More specifically, the Defend Trade Secrets Act will strengthen the work of the Department of Justice by:

·       Streamlining U.S. law 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.

·       Providing 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.

·       Remaining 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.

###