This law will ensure America's intellectual property rights are better enforced on a global scale. Also,convicted counterfeiters will now be subject to increased fines and the forfeiture of their property.
The White House yesterday released a statement which reads in part, "In recent years, counterfeiting has grown rapidly. Counterfeiting costs America hundreds of billions of dollars a year and has harmful effects throughout the economy. Fake products can expose consumers to serious health and safety risks. Government loses out on tax revenues and is forced to divert law enforcement resources. Terrorist networks use counterfeit sales to finance their operations."
The size of government just got bigger, with the creation of one more office.The new law will create the office of the Intellectual Property Enforcement Coordinator (IPEC). Despite its' name it is noted that the office "will be explicitly separated from responsibility for or direction of any law enforcement agency that carries out IP law", according to the law's final language.
The White House's statement did not give mention of the IPEC office, which may mean that it could remain vacant in the final months of the Bush Administration.
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