New Bill Would Impose Export, Import Restrictions as Penalties for Trade Secrets Theft
A bill that aims “to protect American businesses and government institutions from attacks designed to steal sensitive information” was introduced April 21 by Sen. Lindsey Graham, R-S.C., his office announced. The Combating Chinese Purloining (CCP) of Trade Secrets Act would expand penalties for companies, business associations or individuals who misappropriate trade secrets, the press release said. The penalties mentioned include “import restrictions,” denial of export licenses, visa denials and a prohibition on applications for patent protection. The text of the bill is not yet available.
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“The United States is under relentless attack by foreign cyber criminals and state actors who seek to harm our economic interests and national security,” Graham said. “My legislation is designed to deter behavior, much of it from China, that results in the loss of trade secrets, intellectual property, and sensitive government research.”