NAM Supports Senate Bill regarding manufacturing asset protection.
Press Release Summary:
In his statement supporting Senate passage of Defend Trade Secrets Act, NAM President and CEO Jay Timmons called American manufacturers "world leaders in innovation." He said, while noting tools needed to protect distinguishing knowledge and products, that manufacturers require "strong, unified federal policy" to enforce laws that protect businesses" and called aforementioned vote "a step toward…helping manufacturers prevent IP theft aggressively and efficiently."
Original Press Release:
Senate Bill Passes to Help Protect America's Manufacturing Assets
Washington, D.C. – National Association of Manufacturers (NAM) President and CEO Jay Timmons issued the following statement supporting Senate passage of the Defend Trade Secrets Act, which would help curb intellectual property (IP) theft by creating a harmonized federal standard to protect the products manufacturers make and how they make them:
“Manufacturers in America are the world leaders in innovation. The know-how to perfect their products can take years, even decades. These days, a competitor can steal that knowledge with the click of a mouse, costing a company good-paying jobs or even its entire business. This is a critical issue facing manufacturers, one that will define competition and success in the 21st century. That’s why we need all the tools possible to protect the superior knowledge and products that set our industry apart.
“IP can comprise up to 80 percent 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.
“We support Senate passage of the Defend Trade Secrets Act and urge the House to take swift action to get this legislation to the president’s desk for his signature.”
-NAM-
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 14 million men and women, contributes $2.09 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.
See more at: http://www.nam.org/Newsroom/Press-Releases/2016/04/Senate-Bill-Passes-to-Help-Protect-America-s-Manufacturing-Assets/#sthash.l3LyobVK.dpuf.
