Orrin Hatch: “this afternoon the House of Representatives is poised to pass the Defend Trade Secrets Act, bringing this critical…”

“this afternoon the House of Representatives is poised to pass the Defend Trade Secrets Act, bringing this critical proposal one step closer to becoming law. Over the past few months, Senator Coons and I have witnessed a groundswell of support for our bill, which will strengthen the ability of American companies to defend their most valuable information from theft. Businesses, both large and small, and lawmakers, both Republican and Democrat, have rallied around our legislation, providing the impetus we need to pass this key intellectual property bill. Passage of the Defend Trade Secrets Act marks not only a watershed moment for the intellectual property community, it also represents a victory for the American people. To appreciate the significance of this legislation, we must first understand the importance of trade secrets in American industry. Trade secrets are the lifeblood of our economy. In simple terms, trade secrets are the groundbreaking ideas that give businesses a competitive advantage. They range from unique production and manufacturing processes to food recipes and software codes. This critical form of intellectual property is not only invaluable to individual business owners, it is also directly responsible for creating millions of jobs in our country. But a lack of Federal legal protection leaves trade secrets vulnerable to theft and oversight that cost the economy billions of dollars each year.…”