By KUNA,
Washington : President Barack Obama hailed US Senate approval of legislation he described as “the most significant patent reform in over half a century.” Obama’s statements late Tuesday stressed that the bill would make major changes to how patents are reviewed at the US Patent and Trademark Office. It also would end diversion of fees collected by the agency.
“This long-overdue reform is vital to our ongoing efforts to modernize America’s patent laws and reduce the backlog of 700,000 patent applications, which will not just increase transparency and certainty for inventors, entrepreneurs and businesses, but help grow our economy and create good jobs,” he said in a statement released by the White House.
Creating new jobs and opportunities in a fiercely competitive world demands policies that encourage and support American innovation and ingenuity, he said.
Under the legislation, the United States will grant precedence to the first inventor to file a patent application, rather than require U.S. Patent and Trademark Office examiners to rule on who first made an invention.
“I look forward to working with the House of Representatives to pass patent reform legislation I can sign into law,” Obama said.