News > Press Releases

CEA Asks Senate Committee to Move Forward Quickly with Strong Patent Reform Legislation

Arlington, VA – May 7, 2014 – 
The following statement can be attributed to Gary Shapiro, president and CEO of the Consumer Electronics Association (CEA)®, regarding the Senate Judiciary Committee’s markup of the Patent Transparency and Improvements Act of 2013:

            “We are encouraged that the Senate Judiciary Committee is now moving forward on patent reform, but remind committee members there is no time to waste. In 2011, patent trolls extorted roughly $30 billion from American businesses at a cost of $80 billion to the U.S. economy. By that measurement, the committee’s most recent, one-week delay in addressing the need for strong patent reform cost our economy more than $1.5 billion. And the continuing delays cost us all the myriad benefits of breakthrough technologies that have been shelved as innovators are forced to cease research and development due to the threat of burdensome, frivolous lawsuits.

            “To fix the problem, we have to change the economic incentives and penalize patent trolls for their so-called ‘business model.’ That’s why Senate legislation must include fee shifting provisions that put the burden of frivolous lawsuits squarely onto patent trolls, and a bonding provision that prevents the trolls from simply vanishing into thin air when they lose these lawsuits.

            “Patent trolls are killing innovation, extorting billions of dollars from legitimate businesses and choking our economy. The House has already taken action by overwhelmingly passing the Innovation Act. The president is standing by, ready and eager to sign strong patent reform legislation. Now is the time for the Senate to enact strong, common-sense reform and drive patent trolls back under the bridge.”
            To see the firsthand accounts of patent troll victims and hear how frivolous patent lawsuits are stifling American innovation, click here.
About the Consumer Technology Assocation

The Consumer Electronics Association (CEA) is the technology trade association representing the $208 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media.

Tagged

Related