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Providing for Consideration of H.R. 3309, Innovation Act; and Providing for Consideration of H.R. 1105, Small Business Capital Access and Job Preservation Act

Floor Speech

By:
Date:
Location: Washington, DC

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Ms. CHU. Mr. Speaker, I rise today in support of the Innovation Act. This bill will help curb abusive lawsuits brought by patent assertion entities, more commonly known as patent trolls.

Rather than relying on patents to protect investments in new innovative technologies, these actors abuse our patent system. They threaten legitimate businesses and consumers with costly litigation for selling or using a product that falls under their overly broad patent.

The patent system is nothing short of a net for them to cast in hopes of extorting settlement fees. Right now, this scheme is costing our economy $29 billion every year.

While the bill is not perfect, the Innovation Act is a promising first step towards reining in these abusive tactics. I still have concerns with provisions that address fee shifting and the Federal judiciary, and we need to ensure that the Patent Office is fully funded. But this conversation will continue beyond today's vote, and my hope is to see these concerns addressed for the American people.

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