Tuesday’s White House roundtable discussion on the monumental problems of counterfeiting and piracy is another indication of the value being placed on intellectual property (IP) as a job creator, driver of innovation and creativity, and integral part of the American economy. I commend Vice President Biden and the Administration for holding this important and timely meeting.
 
The government has a clear interest in thwarting the growing and increasing complex problem of counterfeiting and piracy. Our economy is leaking jobs and opportunities like a sieve due to IP theft. The production and distribution of fake products ranging from consumer goods to replacement auto parts, coupled with the illicit distribution of movies, music, and software has cost the nation tens of thousands of jobs. At the same time, tens of billions of dollars in revenue that could have been re-invested into a struggling American economy and its workforce have been lost.
 
With a focus on enforcement, today’s meeting strikes on a topic that can play a vital role in turning the tide on counterfeiting and piracy. Enforcement works, as was evidenced just recently during a series of nationwide raids conducted by federal authorities. These raids netted more than $26 million worth or counterfeit clothing, electronics, DVD’s, holiday ornaments and other merchandise. Authorities recovered more than 700,000 products in a sweep of 41 cities in 26 states across the country. This coordinated effort involving federal, state and local authorities demonstrated the effectiveness of enforcement policies – when they are followed.
 
This meeting comes on the heels of positive developments orchestrated by the Congress, where passage of the omnibus spending bill meant good news for IP enforcement efforts. The bill provides $8 million for new FBI agents to bolster enforcement efforts, $2 million for prosecutorial activities through the Department of Justice, and $20 million for state and local enforcement grants.  
 
So with this roundtable discussion, the Administration continues to say the right things on counterfeiting and piracy. This, along with congressional actions, will hopefully empower Victoria Espinel, the nation’s first Intellectual Property Enforcement Coordinator, in her efforts to address the threats to innovation and creativity that are wreaking havoc in our economy.