Senate passes critical intellectual property legislation
(NAM’s Shopfloor blog) — NAM.org reports that the U.S. Senate yesterday “took a huge step toward protecting manufacturing products and processes from the current onslaught of intellectual property (IP) theft by passing the Defend Trade Secrets Act.” NAM President and CEO Jay Timmons said, “IP can comprise up to 80% of the value of a company’s knowledge portfolio, and theft of these resources costs U.S. businesses roughly $250 billion a year. Manufacturers need a strong, unified federal policy that will enforce strict laws to protect what many businesses consider their most valued corporate assets. Today’s vote is a step toward updating our laws and helping manufacturers prevent IP theft aggressively and efficiently.” NAM urged the House to take swift action to get the legislation to the president’s desk for his signature.
