Original Press Release
NAM Applauds House Passage of Bill to Deter Piracy and Counterfeiting
Press release date: May 8, 2008
PRO-IP Act Strikes Right Balance in Protecting Businesses, Workers and Consumers
WASHINGTON, D.C., May 8, 2008 - "House action today on a comprehensive update to our nation's intellectual property rights enforcement laws is welcome news for consumers, manufacturers and workers alike," said Jay Timmons, Executive Vice President of the National Association of Manufacturers.
By improving the coordination of federal government IP enforcement resources, expanding authorities and improving enforcement practices at the international, federal, state and local levels, the H.R. 4279, the Prioritizing Resources and Organization for Intellectual Property Act (PRO-IP Act) will strengthen our manufacturing economy, Timmons said.
"Intellectual property (IP) is the cornerstone of our nation's economy - U.S. IP is valued at more than $5 trillion , roughly 45 percent of U.S. GDP," Timmons said. "Unfortunately, theft of IP in the United States-mainly through piracy and counterfeiting--is responsible for more than $250 billion a year in lost sales and the loss of a significant number of high-paying manufacturing jobs.
"The effect of piracy and counterfeiting on consumers poses a far greater concern," Timmons said. "Counterfeiting often poses serious health and safety risks to the general public through sub-standard pirated products, including automobile parts, airplane parts, food, medical devices, electrical supplies and pharmaceuticals, to name but a few.
"As a founding member of the Coalition Against Counterfeiting and Piracy, the NAM has worked closely with Congress, policymakers and stakeholders in all sectors affected by IP theft to confront this serious challenge," Timmons said. "Votes on the PRO-IP Act will be considered for designation as NAM key votes."
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
CONTACT: HANK COX (202) 637-3090