Chairman Goodlatte Applauds Signing of Trade Secrets Bill Into Law

Washington, D.C.  – House Judiciary Committee Chairman Bob Goodlatte (R-Va.) issued the following statement upon the signing of the Defend Trade Secrets Act of 2016 (S. 1890) into law: “Creativity and innovation has been one of the primary drivers of our nation’s economy, and our ability to protect innovation has made the United States the envy of the world. From algorithms to secret formulas, trade secrets are what make companies competitive in a global marketplace, and we recognize the need to protect these vital components of business from bad actors.“I am proud to see the bipartisan Defend Trade Secrets Act signed into law today, which will protect the intellectual property of American companies and innovators from the ever present threats of theft and economic espionage that we see in today’s marketplace.”Background: The bipartisan Defend Trade Secrets Act amends the Economic Espionage Act of 1996 to create a federal civil remedy for stealing trade secrets that will help American innovators protect their intellectual property from theft.  Trade secrets include such vital proprietary information as confidential formulas, manufacturing techniques, and even customer lists. Ensuring the protection of this vital information will help U.S. competiveness, job creation, and our economy. Click here to learn more about the Defend Trade Secrets Act of 2016. ###