Snap-O Fact #43

The Obama Administration Reformed The Patent System.

In order to support his $447 billion jobs plan, President Obama signed the America Invests Act on Sept. 16, 2011. The purpose of this act is to encourage entrepreneurship and investment in the United States. The bill is created to avoid and minimize long, expensive law suits regarding the patent system by granting the patent to the first applicant. Thus, it establishes a post-grant review process to ensure the rights of the patent’s owners. Therefore, instead of the legal battles regarding the patent system, investors and businessmen can focus on innovation, technology, and job creation. “Issuing patents to the first person or company to file will help provide clarity in the patent-granting process,” commented the U.S. Patent and Trademark Office. 

Sources:

http://articles.cnn.com/2011-09-16/politics/obama.patent.reform_1_patent-office-first-to-file-system-patent-reform?_s=PM:POLITICS

http://www.whitehouse.gov/the-press-office/2011/09/16/president-obama-signs-america-invents-act-overhauling-patent-system-stim

http://thehill.com/blogs/hillicon-valley/technology/181943-obama-to-sign-off-on-patent-system-overhaul-announce-new-initiatives-

http://www.washingtontimes.com/news/2011/sep/8/obama-gets-overhaul-of-patent-system-for-signature/

http://www.nytimes.com/2011/09/09/business/senate-approves-overhaul-of-patent-system.html