House, Senate Leaders Introduce Bipartisan, Bicameral Bill to Protect Trade Secrets

Statement

Today, Congressman Jerrold Nadler (NY-10), along with Congressman Doug Collins (GA-9) and a bipartisan coalition of members, introduced the "Defend Trade Secrets Act". The legislation will help combat the loss of hundreds of billions of dollars each year in the United States to the theft of corporate trade secrets. The "Defend Trade Secrets Act" would empower companies to protect their trade secrets in federal court by creating a federal private right-of-action. In the Senate, identical legislation was introduced by Senators Orrin Hatch (R-UT), Chris Coons (D-DE), and Jeff Flake (R-AZ). Congressman Nadler and several of his colleagues issued the following statements upon the introduction of the bill:

"The value of trade secrets to U.S. companies is matched only by their tremendous vulnerability to theft, said Rep. Jerrold Nadler. "Innovative technologies have made it easy to obtain information and transfer it across the globe with the click of a cell phone, tablet, or computer key. At the same time, U.S. companies are increasingly targeted for trade secret theft by competitors, with some foreign governments actively encouraging and facilitating the theft of U.S. trade secrets. In light of their value and vulnerability, it is essential that Congress provide robust protection for trade secrets and pass our bill."

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