Recent events around the world have exposed vulnerabilities in how the United States accesses some of our most essential goods. Oil and other natural resources, and advanced technologies like semiconductors, have been in short supply – imposing a cost on consumers and weakening our national security. As the former Chairman of the House Armed Services Committee, I know firsthand the risks of becoming overly reliant on other countries for critical products. While I was in Congress, I worked to ensure that we were equipped to outperform our rivals and adversaries. Now more than ever, developing and producing cutting-edge technologies underpin our national and economic security. We must support American innovators by giving them the tools they need to create the next generation of technologies that will keep us safe and propel our economy forward. This starts with intellectual property protections that catalyze innovation, instead of hindering it.
When properly enforced, patents are the cornerstone of American entrepreneurship and innovation. But not all patents are created equal. Low-quality patents in the wrong hands have become a threat to progress as shell companies, known as patent trolls, have found ways to turn a profit for their investors by taking advantage of our flawed patent system. Patent trolls purchase low-quality patents and weaponize them by filing infringement claims against businesses and inventors of all sizes. These lawsuits drain resources from innovators and stand in the way of groundbreaking developments.
Read Full Article »