What does the Economic Espionage Act of 1996 specifically address?

The Economic Espionage Act of 1996 specifically addresses the theft of trade secrets, making it a significant legislative framework aimed at protecting the competitive edge and innovation of businesses in the United States. The act criminalizes the misappropriation of trade secrets, defining them as information that derives independent economic value from not being generally known or readily accessible through proper means. This includes manufacturing processes, formulas, customer lists, and any proprietary information that gives a business a market advantage.

In practice, this law enables law enforcement to prosecute individuals and entities that steal or improperly acquire trade secrets, thereby safeguarding economic interests and encouraging fair competition among businesses. By focusing on trade secrets, the act plays a crucial role in supporting the U.S. economy, fostering innovation, and ensuring that businesses can compete effectively without the threat of espionage undermining their unique contributions and competitive positions.