Foreign Economic Espionage Act Signed into Law

From The U.S. Intellectual Property Enforcement Coordinator …

Sent: Wednesday, January 16, 2013 6:01 PM
Subject: Foreign Economic Espionage Act Signed into Law

On Monday, President Obama signed into law the Foreign Economic Espionage Penalty Enhancement Act of 2012. This is an important piece of legislation that will ensure that the penalties under the Economic Espionage Act correctly take into account the harm inflicted on U.S. companies that fall victim to this crime by individuals on behalf of a foreign government. The threat to U.S. business by economic espionage coordinated by foreign governments is of particular concern to the Administration. The theft of trade secrets can cripple a company’s competitive advantage in foreign markets, diminish export prospects around the globe, and put American jobs in jeopardy. The Act codifies legislative recommendations that my office transmitted to Congress on behalf of the Administration in March 2011. The enactment of this legislation is an important step in providing strong penalties and deterring individuals who would pass trade secrets to foreign governments.

We look forward to continuing to work with Congress to improve enforcement of U.S. intellectual property laws.

Best wishes,
Victoria

Victoria Espinel
U.S. Intellectual Property Enforcement Coordinator
Executive Office of the President

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