Updated 21 May, 2013, 8:08 pm IST
| by Padmini Harchandrai |
After much protest and drama, the Stop Online Piracy Act has been pulled by its proposer, Lamar Smith (R-Texas). Smith released a statement saying that he has heard from the critics and while something has to be done about online piracy, the approach clearly has to be revisited. The problem of foreign thieves stealing and selling American inventions and products still has to be dealt with.He said, "The problem of online piracy is too big to ignore. American intellectual property industries provide 19 million high-paying jobs and account for more than 60 percent of U.S. exports. The theft of America’s intellectual property costs the U.S. economy more than $100 billion annually and results in the loss of thousands of American jobs. Congress cannot stand by and do nothing while American innovators and job creators are under attack."
Lamar Smith backs down from bill
Smith said that the online theft of intellectual property is no different than stealing products from a store and that the law should protect both the store and online. He said that the Committee will work with both, intellectual property holders and Internet companies as well as financial institutions to develop proposals to combat online piracy. He said, "We welcome input from all organizations and individuals who have an honest difference of opinion about how best to address this widespread problem. The Committee remains committed to finding a solution to the problem of online piracy that protects American intellectual property and innovation."
21 May, 2013, 08:08 PM
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