News > Press Releases

CEA Unveils "Troll Toll" to Track the Growing Cost of Patent Reform Delay

Arlington, VA – May 19, 2014 – 
Today the Consumer Electronics Association (CEA)® is unveiling the “Troll Toll,” a running tally of what patent trolls have cost the U.S. economy since the House passed the Innovation Act in December, alerting lawmakers and voters that every hour the Senate delays action on strong patent reform legislation costs our country millions of dollars. The following statement can be attributed to Michael Petricone, senior vice president of government affairs at CEA:
 
“Each week patent trolls drain $1.5 billion from the U.S. economy, and the costs continue to skyrocket. That’s why we’ve established the ‘Troll Toll’ – a running tally of what the lack of strong patent reform legislation is costing our economy every second of every day.
 
“The House passed patent reform legislation with overwhelming bipartisan support, and the president promised to take swift action once Congress sends him a bill. But if the Senate waits to take action until the new Congress begins, our economy stands to lose another $54 billion to these trolls – money that won't be spent creating new jobs or funding breakthrough technologies.
 
“We’re hopeful the Senate Judiciary Committee will finally move forward on its markup of a strong, common-sense patent reform bill this Thursday. But with every delay, American innovation and the U.S. economy suffer even more damage.”
 
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