WASHINGTON (AP) - President Barack Obama signed into law Wednesday a bill that gives employers a new tool in preventing the theft of trade secrets.
The legislation gives companies the right to sue in federal court to recover damages. It also gives employers the opportunity to seek an order that directs law enforcement officials to seize stolen material.
Obama says one of the biggest advantages the United States has in the global economy is that "we innovate" and come up with new goods and technologies.
"Unfortunately, all too often, some of our competitors, instead of competing with us fairly, are trying to steal these trade secrets from American companies," Obama said.
Such theft leads to lost American jobs and markets, Obama said before signing the Defend Trade Secrets Act.