Economic Espionage Act

The Economic Espionage Act (EEA), enacted in 1996 in the United States, makes it a federal crime to steal trade secrets for commercial advantage. Trade secrets can include formulas, practices, processes, or information that companies use to gain a competitive edge. The act aims to protect American businesses from foreign and domestic corporate espionage, promoting fair competition. Violations can lead to severe penalties, including hefty fines and imprisonment. Essentially, the EEA safeguards innovation and investment by ensuring that valuable business secrets are not unlawfully obtained or used by others.