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U.S. Chamber Hails Passage of Legislation Clarifying the Trade Secrets Act
WASHINGTON, D.C.— The U.S. Chamber of Commerce’s Global Intellectual Property Center (GIPC) today hailed the House passage of the Theft of Trade Secrets Clarification Act, which would clarify the scope of the Economic Espionage Act of 1996. The measure, led by Senators Patrick Leahy (D-VT) and Chuck Grassley (R-IA), and Representative Lamar Smith (R-TX), passed by unanimous consent in the Senate late last month and the House by suspension last night.
“With passage of the Theft of Trade Secrets Clarification Act, Congress took overwhelming bipartisan action to reaffirm the importance of intellectual property and took steps to fix a loophole in U.S. law that allowed the theft of trade secrets highlighted in the recent Aleynikov v. Goldman Sachs case,” said David Hirschmann, President and CEO of GIPC. “This legislation is a clarification of the definitions used to determine the rights of companies and individuals who have developed innovative products or processes that can be considered trade secrets.”
“Innovative companies will flourish when they have confidence in the legal system to protect them. Addressing intellectual property rules, like the trade secrets in question in the Aleynikov case which prompted this legislative clarification, helps give a level of security that encourages future investments,” added Hirschmann. “Senators Leahy and Grassley, and Representative Smith’s steadfast support of IP rights is evident, and we commend their leadership on this issue.”
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.