ARLINGTON, Va.—In advance of the Senate Judiciary Committee’s markup today of the "PATENT Act" (S.1137), NAFCU is letting committee leaders know the bill is only an important first step.
In a letter from NAFCU Vice President of Legislative Affairs Brad Thaler, the trade association informed Committee Chairman Chuck Grassley (R-IA) and Ranking Member Patrick Leahy (D-VT) that while the bill can help curb abusive tactics of patent assertion entities (PAEs) who use low-quality patents to target businesses of all shapes and sizes, more remains to be done.
"We believe further work must be done to enhance the language to curb deceptive demand letters, as well as work to ensure that meaningful opportunities exist for all sectors to challenge low quality patents and have them reviewed by experts at the Patent and Trademark Office for validity," wrote Thaler.
NAFCU also joined other financial services groups in a coalition letter to the committee in anticipation of today’s markup.