Cohen Applauds President for Signing Patent Reform Into Law

WASHINGTON, D.C. – Congressman Steve Cohen (D-TN-9) today applauded President Obama for signing the bipartisan America Invents Act, which would streamline our country’s patent application process to help spark innovation and create jobs.

“Intellectual property rights boost innovation, which helps create jobs and improves the economy,” said Congressman Cohen. “This new law will make fundamental changes to the Patent and Trademark Office in how patents are processed and reviewed and gives the office more control over its own funding, encouraging entrepreneurship that will lead to new jobs for the unemployed.”

The America Invents Act will establish essential changes in how patent applications are reviewed and awarded and would keep patent application fees within the U.S. Patent and Trademark Office (PTO). In recent decades, patent fees have been diverted from the PTO and rolled into the federal budget to pay for other shortfalls, preventing the PTO from hiring enough examiners to review patent applications in a timely fashion. On average, it takes three years for a patent application to be reviewed. The office plans to hire as many as 2,000 more examiners to help address a backlog of 700,000 applications awaiting review. Once reviewed, those patents will lead to new products on the market that will encourage job creation and economic growth. The legislation passed the House in June and was approved by the Senate on September 9.