WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley made the following statement after President Obama signed into law the Defend Trade Secrets Act, which Grassley led out of the Judiciary Committee:
“Trade Secrets are an increasingly important form of Intellectual Property and play a significant role in driving American innovation. They are also increasingly a target of theft, which can jeopardize the growth of our innovators and the health of our economy. The Defend Trade Secrets Act that was signed into law today is a win for American businesses of all sizes and a win for our country’s financial wellbeing,” Grassley said.
The Defend Trade Secrets Act, S. 1890, was reported out of the Judiciary Committee with bipartisan support in January, and passed the full Senate by a vote of 87-0. Authored by Senators Orrin Hatch and Chris Coons, the Defend Trade Secrets Act is aimed at helping the creators and owners of trade secrets more effectively address the growing problem of trade secret theft by creating a uniform federal civil cause of action. The law provides clear rules and predictability for trade secret cases and does not preempt state law.
Theft of trade secrets accounts for an estimated 2.1 million lost jobs and more than $300 billion in economic losses every year. The patchwork of state trade secret laws has created hurdles for victims seeking to hold thieves accountable. The Defend Trade Secrets Act allows victims to move quickly to federal court and will provide certainty of the rules, standards, and practices that American innovators need to prevent their valuable trade secrets from being stolen
The Defend Trade Secrets Act is the seventh bill reported out of the Judiciary Committee in the 114th Congress to be signed into law.
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