"The bill would take the simple step of requiring patentees to file a notice of ownership. Increasing transparency in that way will improve technology adoption and licensing by making it easier for potential users of patented inventions to identify and connect with patent holders so they can agree on terms. BSA commends Rep. Deutch for introducing this legislation and looks forward to working with Congress to move it forward," Molino said.
CEA also cheered the introduction of the bill.
"Patent Assertion Entities' (also known as PAEs or patent trolls) lawsuits have reached epidemic proportions in the technology industry. By exploiting loopholes in the law, patent trolls- who produce nothing of value penalize innovators and drive up prices for consumers," said Michael Petricone, senior vice president of government and regulatory affairs for the CEA.
Patent trolls take advantage of the fact that it is often very difficult to determine who actually owns a patent. They engage in shell games, hide resources and assets and obscure who actually benefits from settlements and judgments.
"By requiring much-needed transparency through the disclosure of patent sales and clarification of 'real-party-in-interest' (RPI), this bill will better inform parties subject to lawsuits by patent trolls," Petricone added.
Combined with other measures, such as the SHIELD Act, this bill would help free innovators from the grip of those who profit from abuse of our current patent system.