Senate Finance leaders call for investigation into China's IP infringement

The economy and its workers are suffering because of "China's failure to curb the rampant theft of American intellectual property," Baucus said. "China needs to step up to the plate, live up to its international obligations and protect and enforce U.S. intellectual property rights."

Baucus said he expects the report to provide guidance on how to better protect U.S. innovation in China and "create good-paying jobs here at home."

Intellectual property includes patents, copyrights and trademarks.

"We need to do more to crack down on China's manipulative trade policies," Grassley said. "China is using its 'indigenous innovation' program to discriminate against U.S. products in the Chinese market."