Senate Saves Corps Billions by Unanimously Passing Trade Secrets Bill

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Senate Saves Corps Billions by Unanimously Passing Trade Secrets Bill

April 5th, 2016

Awake Goy

Susanne.Posel-Headline.News.Official- trade.secrets.orrin.hatch.obama.senate.bill_occupycorporatism Susanne Posel ,Chief Editor Occupy Corporatism | Media Spokesperson, HEALTH MAX Brands

With the help of Senators Orrin Hatch and Chris Coons, lawmakers in Washington, DC unanimously voted to pass the Defend Trade Secrets Act (DTSA) that would give corporations the authority to go to federal court when defending trade secrets.

When it comes to processes, blueprints, and intellectual property, Coon said this new bill “is an absolutely essential way to strengthen the ability of America’s inventors to defend their trade secrets.”

Intellectual property has been defined as copyrights, trademarks, patents, and trade secrets; however only the latter has given corporations the right to seek legal remedy in court.

And while the Economic Espionage Act of 1996 made theft of trade secrets a federal crime, it also did not allow companies to use the federal court system. Those with such cases were resigned to state courts and/or requesting the Department of Justice (DoJ) step in.

With the passage of this bill, corporations such as DuPont could bypass years long trades-secrets cases.

Leaving this problem to the states has been a large part of the issue because the “state-by-state system for trade secret protection was simply not built with the digital world in mind.”

Under the current model , trade secrets can be and are “increasingly stored and used across state line and even national borders.”

The Obama administration showed support for this bill, saying : “Effective protection of trade secrets promotes innovation that is the engine of the nation’s economy and minimizes threats to American businesses, the U.S. economy, and national security interests. [We] look forward to working with the Congress on this important piece of legislation as it moves through the legislative process.”

Dissenter and Minority Leader Harry Reid said the DTSA “was so noncontroversial that it didn’t require a roll call vote” and was confused as to why “the Judiciary Committee should be given a few pats on the back.”