Congressman Eric Cantor (VA-07) today issued the following statement regarding the need to reform the outdated patent approval process:
"Over the years, our country's spirit of innovation and ability to develop new products has consistently made us stand apart in the global community and been essential to economic growth. When Congress established the patent system, it was meant to reward American inventors, but now that system has become inefficient and outdated and we currently face a backlog of more than 700,000 patent applications. Especially as we work to strengthen the economy and grow jobs, we need a modern patent system that encourages inventors and developers in our country to innovate that will result in new jobs and economic growth. The bill introduced today by Chairman Lamar Smith and the House Judiciary Committee will streamline and modernize the patent approval process, so that the government can return to rewarding American ingenuity, which is the lifeblood of new job creation, entrepreneurialism and business growth."