Senators unveiled legislation Wednesday that they say will reform the patent system and make life tougher for so-called patent trolls—the companies that don’t produce products but instead file patent infringement lawsuits.
Similar legislation, which was passed by the House in 2013, failed last year in the Senate when then-Majority Leader Harry Reid of Nevada refused to put the reform package on the floor for a vote. But lawmakers are optimistic that the latest measure, offering reforms President Barack Obama has been demanding, might have a chance now that Reid is no longer at the helm.
“This bipartisan bill will help patent holders, spur innovation and ultimately grow our economy. Our bill takes simple and important steps to address patent abuse while protecting the ability and incentives for legitimate businesses to invest in research and development of patents and to protect their inventions,” said Sen. Chuck Schumer, a Democrat from New York who is co-sponsoring the bi-partisan package.
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