By Frank Cullen

 

The recipe for Coca-Cola.

KFC’s 11 herbs and spices.

A search engine algorithm.

These are examples of trade secrets, and they are critically important to businesses large or small because it is their recipe for success.

The theft of trade secrets results in lost jobs and irreparable harm to companies of all sizes, since once a business’s formula or proprietary information is divulged it cannot be retrieved.

That is one of the reasons the U.S. Chamber of Commerce joined over 40 other associations and businesses and companies to support the Defend Trade Secrets Act, a bipartisan, bicameral bill co-sponsored by over 100 Members of Congress and supported by the vast majority of the business community.

As the Senate Judiciary Committee holds a hearing on this important issue this week, we are hopeful that progress will continue to be made and that Congress will pass this important legislation in the near future. The bill will help protect trade secrets and subsequently prevent the loss of American jobs.

Legislation to prevent trade secrets theft is something Republicans, Democrats, and all sectors of the business community can support.

It’s too important not to.