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SENATE PASSES BILL TO DEFEND TRADE SECRETS
Apr. 7, 2016
American Seed Trade Association (ASTA) reports:
On Monday, April 4, the Senate voted 87-0 to approve the Defend Trade Secrets Act (S.1890), which would put trade secrets on par with other forms of intellectual property - like patent, trademark, or copyright protection. A similar measure is pending in the House but there has been no committee action this Action.
For a wide range of industries-seed included-trade secrets are what give companies their competitive edge. They include everything around the innovation process, which is critical in the seed industry, as it can take years to develop a product for market.
The Defend Trade Secrets Act would allow for resolution of disputes more broadly and more quickly than the current system by giving federal courts the ability to act immediately.
According to the Senate Judiciary Committee's report, theft of trade secrets costs the U.S. economy at least $300 billion annually.
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