Pass the America Invents Act
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The United States has a history of creative inventors: Thomas Edison (light bulb); Alexander Graham Bell (the telephone), and Mary Anderson (the windshield wiper blade) are just a few. Encouraging innovation is one way America will get its economy moving and get more people working.
With a patent in hand an entrepreneur can take the next step and start a new business or expand a current one, but having that legal document is key. Henry Nothhaft, head of Tessera Technologies in Califoria told the Milwaukee Journal Sentinel, "No patent means no funding and no business." No patent means also means no new jobs are created.
Unfortunately a bottleneck at the U.S. Patent and Trademark Office (PTO) has stymied businesses and inventors from getting their patents. Right now, the application backlog is 1.2 million with a waiting time for a decision of three years. That's slowing down American innovation, slowing economic growth, and costing the country jobs.
Today, the Chamber came out supporting H.R. 1249, the "America Invents Act." In a letter to the House of Representatives, the Chamber's Executive Vice President for Government Affairs, Bruce Josten, pointed out the bill will reduce the patent application backlog by ensuring "that fees collected by the U.S. Patent and Trademark Office (PTO) fund the office and its administration of the patent system."
The PTO will be able to use these fees to have the staffing and technological resources necessary to reduce the backlog and improve patent quality.
"The Chamber believes this legislation is crucial for American economic growth, jobs, and the future of U.S. competitiveness," said Josten.