WASHINGTON – U.S. Senators Chris Coons (D-Del.) and Orrin Hatch (R-Utah) yesterday spoke on the Senate floor to urge their colleagues to pass bipartisan, bicameral legislation to help stop the theft of trade secrets that costs American businesses hundreds of billions of dollars each year. The Defend Trade Secrets Act would empower companies to protect their trade secrets in federal court by creating a federal private right-of-action.
“The failure to fully protect trade secrets has threatened American innovation and economic growth for too long,” said Senator Coons. “I’m proud to join Senator Hatch to urge our colleagues to give trade secrets the same legal protections that other forms of critical intellectual property enjoy by passing the Defend Trade Secrets Act of 2015. The longer Congress waits to act, more and more companies across the country risk losing jobs and revenue because they lack the ability to defend their trade secrets under federal civil law. Senator Hatch and I have worked hard to strengthen this bill to gain bicameral, bipartisan support, and I urge my colleagues to act now while we have the momentum.”
“At a time when cyber theft of trade secrets is at an all-time high—particularly as it involves Chinese competitors—it is critically important that U.S. companies have the ability to protect their trade secrets in federal court,” said Senator Hatch. “I am not aware of any stakeholder opposition to this bill. Those who operate businesses in the real world and have to protect their trade secrets on a regular basis are strong supporters of the Defend Trade Secrets Act. The list of companies and associations that have endorsed the Act is diverse and impressive. If you talk to any of the companies that were initially on the fringes but are now supporters of the bill, I think they will agree that you and I are willing to address all legitimate concerns. So work with us.”
“I commend the much-needed leadership of Senators Hatch and Coons on the Defend Trade Secrets Act of 2015,” said Victoria Espinel, President and CEO of BSA | The Software Alliance. “The theft of trade secrets undermines American companies by stealing their hard-earned research and development, and is a serious threat to the innovation economy. This legislation will create a uniform federal standard with a well-balanced private right of action that allows trade secret owners to take action when their intellectual property is misappropriated. BSA and its member companies look forward to working with the House and Senate to pass meaningful trade secrets legislation this Congress.”