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A bipartisan group of senators on Thursday introduced legislation to crack down on people and businesses that steal valuable economic secrets from American companies.

They say that the Deter Cyber Theft Act is necessary to protect U.S. firms from foreign hackers who try to break in, steal their valuable secrets and strategies and then ship that information abroad.

The bill comes days after the Obama administration filed landmark charges against a team of Chinese hackers for stealing trade secrets from American companies.

“It is time to fight back to protect American businesses and American innovation,” said Senate Armed Services Committee Chairman Carl Levin (D-Mich.), in a statement. “Battling the wave of computer espionage targeting the American economy requires law enforcement actions such as this week’s indictment, and it requires action by Congress to hit those who profit from these crimes where they’ll feel it: in the wallet.”

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