Congressman Eric Cantor (VA-07) today issued the following statement on H.R. 1249, the America Invents Act, a key part of Congressman Cantor's Plan for America's Job Creators. This legislation will streamline our nation's patent system to allow entrepreneurs to launch their products more efficiently, drive economic growth and create more jobs:
"As the economy continues to sputter and millions of Americans remain out of work, we need common sense policies to boost economic growth and get people back to work today. America's entrepreneurs and innovators are the engines of economic growth and that is why making sure they have a patent approval process that allows them to compete in the 21st century global marketplace is a critical piece of my jobs plan. Currently, there is a backlog of more than 700,000 patents, which is tying the hands of innovators and inventors looking to create new products, grow their businesses and create jobs. This bureaucratic backlog could literally be preventing the next iPod, artificial heart or other great innovation from being produced. That is why we will streamline and modernize the outdated patent process to make it easier for businesses small and large to attract capital for investment, launch new products, grow their businesses and create jobs."