This afternoon, Acting Deputy Secretary Rebecca Blank participated in an event at the White House to announce the Administration’s progress in cracking down on intellectual property (IP) theft crimes and the launch of a public education campaign intended to increase Americans’ knowledge of the threat these crimes pose to economic prosperity and public safety. The campaign is entitled “Counterfeits Hurt. You Have The Power to Stop Them.”
Counterfeit goods not only can cause harm to the safety of our families, but they also cause harm to our economy and to American businesses. That’s because the success of the U.S. economy relies heavily on intellectual property; virtually every industry either produces IP or uses it. IP theft costs domestic industries an estimated $200 to $250 billion a year. This robs American workers of hundreds of thousands of jobs.
Only when American ideas and American inventions are protected, so that innovators receive the rewards from their creativity, can American business prosper and the American economy continues to grow. It’s also important to remember protecting intellectual property has a multiplier effect, helping create jobs not only within the original firm that owns the IP but also within all the firms that it buys from and sells to.