Buck Re-Introduces Bill to Stop China's IP Theft
May 4, 2021
WASHINGTON — Today, Congressman Ken Buck (R-Colo.) introduced legislation that codifies the denial of export privileges against nations that violate U.S. law and steal intellectual property. This bill is a part of the Republican Study Committee rollout of legislation to counter Communist China.
The Commission on the Theft of American Intellectual Property estimates that intellectual property theft costs the United States economy $600 billion annually. The Chinese government remains the world's principal source of intellectual property theft. According to John Demers, the head of the National Security Division at the Department of Justice, over 80% of all cases charged as economic espionage involve China, and 60% of all trade secret cases involve China.
Rep. Buck released the following statement concerning this piece of legislation:
“What Americans innovate, China steals. China’s long history of intellectual property theft costs the United States billions of dollars each year. My bill combats China and other hostile nations’ ability to steal our intellectual property and do untold harm to our economy,” Rep. Buck said.