WASHINGTON -- The US House of Representatives has passed a bill that would bolster criminal penalties for economic espionage to protect American innovation and jobs.

The House voted on Aug. 1 to approve  H.R. 6029, The Foreign and Economic Espionage Penalty Enhancement Act of 2012, which increases the statutory maximum for economic espionage and the theft of trade secrets for the benefit of a foreign entity to 20 years from 15, raises the fine that can be imposed to a maximum of $5 million from $500,000, and adds criminal penalties for passing trade secret information that would benefit a foreign government.

A companion bill (S. 678) with similar language as H.R. 6029 is under review by the US Senate.

"These reflect the seriousness of such offenses and the potential damage that they wreak on the economic security of the United States," said Victoria Espinel, US Intellectual Property Enforcement Coordinator, in a statement. "As an Administration, we look forward to continuing to work with Congress to improve enforcement of US intellectual property laws and provide prosecutors and judges more effective tools to deter the theft of trade secrets that benefit foreign governments."