Original Press Release
NAM Welcomes Senate Bill To Protect Intellectual Property
Press release date: July 24, 2008
NAM welcomes senate legislation to strengthen protection of intellectual property
Counterfeiting And Piracy Cost U.S. $250 Billion Per Year
WASHINGTON, D.C., July 24, 2008 - National Association of Manufacturers President John Engler today commended Senators Patrick Leahy (D-VT), Arlen Specter (R-PA), Evan Bayh (D-IN) and George Voinovich (R-OH) for introducing the "Enforcement of Intellectual Property Rights Act of 2008" that would strengthen defense of intellectual property.
"Protecting intellectual property is critical to the future of our economy because it accounts for more than half of all U.S. exports and drives 40 percent of the country growth," Engler said. "Counterfeiting and piracy of intellectual property is costing our economy upwards of $250 billion a year resulting in the loss of 75,000 jobs."
Engler said counterfeited products also pose a serious risk to consumer health and safety. "Pirated products including prescription drugs, automobile brake pads, airline parts, health and beauty products, batteries and extension cords present potentially lethal threats," he said.
Earlier this year, the House passed its own version of the legislation, the "Prioritizing Resources and Organization for Intellectual Property Act" (PRO-IP Act) also designed to strengthen protection of intellectual property. Both versions toughen civil and criminal laws against counterfeiting, provide more resources for enforcement and seek to improve coordination of enforcement efforts.
"Only through stronger enforcement practices, stiffer penalties and integrated government coordination can we stem these economic losses and protect our consumers from dangerous products," Engler said.
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: MARC-ANTHONY SIGNORINO (202) 637-3072