The recent Defend Trade Secrets Act got backing from U.S. Sen. Lindsey Graham (R-SC), who voted in favor of the legislation earlier this week.
The bipartisan measure ended up passing the Senate unanimously.
“This is an important piece of legislation which will help protect companies from unscrupulous actors in the marketplace,” Graham said. “At the end of the day, this is about American innovation and this legislation will help protect American jobs, workers, and companies. It has strong bipartisan support and I hope it will become law this year.”
The Defend Trade Secrets Act contains several provisions, among them the right of companies to file lawsuits in federal courts to stem damage caused by stolen trade secrets; the development of a standard for identifying trade secret theft; and better resources and tools with which law enforcement officials can prosecute criminals who commit trade secret theft.
Graham's position was that businesses often gain the upper hand in the marketplace because they are privy to confidential trade secrets, such as production processes, customer lists, industrial designs and business strategies. American companies have had to put increased time and effort into guarding against computer hackers and employees who steal such information.
The Defend Trade Secrets Act will now be forwarded to the House of Representatives.
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