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Written by Jamie Simpson, LawServer Attorney-Editor
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Last Updated October 22, 2008 |
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President George W. Bush signed the Prioritizing Resources and Organization for Intellectual Property Act (PRO IP Act) into law on October 13, 2008, writes Foley & Larner LLP. The U.S. Congress passed the legislation in order to further enforce IP rights by addressing infringement and counterfeiting. According to the U.S. House of Representatives, such acts cost the country $200 to $250 billion in lost sales, as well as 750,000 jobs. The new law calls for increased government accountability, appointing an Intellectual Property Enforcement Coordinator (IPEC), harsher punishment and easier prosecution, in addition to other numerous measures. As supporters of the PRO IP Act believed that recognizing that the protection of IP is vital to business and the nation's economy, the PRO IP Act received significant support from pharmaceutical companies, manufacturers, the entertainment industry, and others in the community. The legislation is aimed at significantly reducing piracy and counterfeiting. Opponents of the PRO IP Act claim that portions of the law create unnecessary bureaucracy, thus hindering authorities' efforts of IP enforcement.
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