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CEA Praises Senators for Introduction of the PATENT Act of 2015The following statement is attributed to Gary Shapiro, president and CEO, Consumer Electronics Association (News - Alert) (CEA)®, regarding the introduction of the Protecting American Talent and Entrepreneurship (PATENT) Act of 2015 by Senate Judiciary Chairman Chuck Grassley (R-IA), Ranking Member Patrick Leahy (D-VT), and Sens. John Cornyn (R-TX), Charles Schumer (D-NY), Orrin Hatch (R-UT), Amy Klobuchar (D-MN) and Mike Lee (R-UT): "We thank Chairman Grassley, Ranking Member Leahy, and Senators Cornyn, Schumer, Hatch, Klobuchar and Lee for their commitment to comprehensive patent reform. This bipartisan, common-sense bill will close legal loopholes used by those who abuse our patent system. It will stop the legalized extortion of American innovators by patent trolls - individuals or companies that do not manufacture products or supply services, but exist solely to demand payments, threaten litigation and file frivolous lawsuits against those who do. And it will make life easier for legitimate American businesses - especially small businesses, the most frequent targets of patent trolls. "Patent trolls are an enormous drain on the U.S. economy, siphoning off $1.5 billion a week - roughly $110 billion since the House passed reform legislation in 2013. Every dollar a small business spends on legal bills or yielding to legal extortion of a patent troll or fighting a patent troll in curt is money it can't invest in building new products or creating new jobs. Bogus patent demand letters, threats and actual litigation are a massive anchor on American innovation, and make it even more difficult for American businesses to compete globally. "We're encouraged by the introduction of this bill and ask the Senate to move forward on the PATENT Act as soon as possible. As the number of troll demand letters, threats and lawsuits reach epidemic levels, now is the time for comprehensive reform. American innovation can't afford to wait any longer." About CEA: The Consumer Electronics Association (CEA) is the technology trade association representing the $286 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative and regulatory 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 (News - Alert) - The Global Stage for Innovation. All profits from CES are reinvested into CEA's industry services. Find CEA online at CE.org, InnovationMovement.com and through social media: http://www.ce.org/social UPCOMING EVENTS
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