May 11, 2016

U.S. Chamber Applauds New Law Defending Trade Secrets

WASHINGTON, D.C.—The U.S. Chamber of Commerce today applauded President Obama’s signing of the “Defend Trade Secrets Act of 2016” into law. The Chamber’s Global Intellectual Property Center (GIPC) worked with more than 40 associations and companies in support of the bipartisan legislation, which previously passed in the U.S. Senate and House of Representatives with nearly unanimous support. The law will provide additional civil remedies to help protect American innovators from theft of their trade secrets.

“Today marks a significant victory for American innovators and American workers,” said David Hirschmann, president and CEO of GIPC. “This law will provide much-needed protections against the theft of trade secrets – the unique formulas and know-how that set many companies apart. The strong public support for this law is reflected in the broad bipartisan coalition that came together to make it a reality. We applaud President Obama for signing this crucial legislation, and we once more thank Chairmen Hatch, Goodlatte, and Grassley, as well as Senator Coons and Representatives Doug Collins and Jerrold Nadler, for moving this bipartisan bill forward.”

The Chamber’s Global Intellectual Property Center is working around the world to champion intellectual property (IP) rights as vital to creating jobs, saving lives, advancing global economic growth, and generating breakthrough solutions to global challenges. The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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