Howard Berman: “American inventors, artists and businesses rely on intellectual property rights to protect the value of their creative…”

“American inventors, artists and businesses rely on intellectual property rights to protect the value of their creative works. These works, unfortunately, are being ripped off around the world. The rampant counterfeiting and piracy of U.S. products is having a devastating impact on our economy. Counterfeit and pirated products may account for up to 8 percent of world trade, and a significant portion of this illicit trade are knock-offs of American products. Latest estimates indicate that U.S. businesses lose up to $250 billion a year due to intellectual property theft. This level of counterfeiting and piracy of U.S. intellectual property rights translates to job losses, lower tax receipts, and a greater trade deficit. It has also led to public health and safety threats ranging from exploding batteries to toxic pharmaceuticals to sawdust brake pads. The economic threat and safety problems that counterfeit and pirated products pose for U.S. businesses and consumers must be dealt with.”