Don't be fooled by the current hate towards wall street (not that they don't deserve it). As far as I can tell this legislation would actually be a good thing.
Just read the part of the bill in question at http://www.opencongress.org/bill/112-h1249/show. I didn't see anything specific to the financial industry in there. Even assuming some nefarious special interest bankrolled the provision (section 18), it still sounds sensible to me. I think it just makes it easier to challenge "business method" patents. As far as I'm concerned the whole notion of a business method patent is utterly idiotic and counterproductive, economically speaking. So making it easier to challenge business method patents sounds sensible to me.
Seems that this news is being spun against wall street by a concerted lobbying effort: "Not surprisingly, the ever-aggressive plaintiff's bar is bankrolling a major lobbying effort to strip Section 18 from the Senate-passed reform bill when it comes up for a vote on the House floor."
http://thehill.com/blogs/congress-blog/judicial/168087-stopp...
No, there is no spin needed - this ONLY applies to the financial industry. You didn't read far enough:
(d) Definition-
(1) IN GENERAL- For purposes of this section, the term ‘covered business method patent’ means a patent that claims a method or corresponding apparatus for performing data processing or other operations used in the practice, administration, or management of a financial product or service, except that the term does not include patents for technological inventions.
Comments
Don't be fooled by the current hate towards wall street (not that they don't deserve it). As far as I can tell this legislation would actually be a good thing.
Just read the part of the bill in question at http://www.opencongress.org/bill/112-h1249/show. I didn't see anything specific to the financial industry in there. Even assuming some nefarious special interest bankrolled the provision (section 18), it still sounds sensible to me. I think it just makes it easier to challenge "business method" patents. As far as I'm concerned the whole notion of a business method patent is utterly idiotic and counterproductive, economically speaking. So making it easier to challenge business method patents sounds sensible to me.
Seems that this news is being spun against wall street by a concerted lobbying effort: "Not surprisingly, the ever-aggressive plaintiff's bar is bankrolling a major lobbying effort to strip Section 18 from the Senate-passed reform bill when it comes up for a vote on the House floor." http://thehill.com/blogs/congress-blog/judicial/168087-stopp...
Reuters has a shorter piece in favor of the provision. http://blogs.reuters.com/felix-salmon/2011/07/05/bringing-se...
No, there is no spin needed - this ONLY applies to the financial industry. You didn't read far enough:
(d) Definition- (1) IN GENERAL- For purposes of this section, the term ‘covered business method patent’ means a patent that claims a method or corresponding apparatus for performing data processing or other operations used in the practice, administration, or management of a financial product or service, except that the term does not include patents for technological inventions.