New House Bill Highlights US IP Theft by Foreign Adversaries

House Foreign Affairs Subcommittee on the Indo-Pacific Chairwoman Rep. Young Kim, R-Calif., and House Select Committee on China Chairman Rep. John Moolenaar, R-Mich., introduced a bill July 2 that would require the Commerce Department to identify foreign adversary entities that use high-tech American intellectual property without a license.

The Protecting American Innovation and Development (PAID) Act would require Commerce to report its findings to Congress, as well as publish them in the Federal Register.

The lawmakers cited an FBI report that estimates that counterfeit goods, pirated software and theft of trade secrets cost the U.S. economy $225 billion to $600 billion annually.