Rep. Buck Introduces Bill to Stop China's IP Theft
Today, Congressman Ken Buck (R-Colo.) introduced H.R. 8831, a bill that codifies the denial of export privileges against nations that violate U.S. law and steal intellectual property.
The Commission on the Theft of American Intellectual Property estimates that intellectual property theft costs the United States economy approximately $600 billion annually. The Chinese government remains the world's principal source of intellectual property theft. A March 2019 CNBC poll found that one in five U.S. corporations say that China has stolen proprietary intellectual property within the last year and one in three U.S. corporations state that China has stolen their intellectual property within the last decade.
Rep. Buck said:
“What Americans innovate, China steals. The Chinese government’s long history of intellectual property theft has cost the United States billions of dollars each year. My bill codifies the administration’s ability to issue denial orders against international entities that violate our laws and steal our intellectual property. This bill will combat China and other hostile nations’ ability to steal our intellectual property and do untold harm to our economy.”
Bill text linked HERE.