Lamar Smith: “I understand the underlying point of the Member's amendment, and I want to make it clear that my interpretation of this…”

“I understand the underlying point of the Member's amendment, and I want to make it clear that my interpretation of this amendment and its intent is to highlight the problem posed by entities that pose as financial or technological businesses but whose sole purpose is not to create but to sue. I am talking about patent trolls--those entities that vacuum up patents by the hundreds or thousands and whose only innovations occur in the courtroom. This sense of Congress shows how these patent trolls can hurt small businesses and independent inventors before they even have a chance to get off the ground. This bill is designed to help all inventors and ensure that small businesses will continue to be a fountain for job creation and innovation. For these reasons, Madam Chair, I support the amendment. I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentlewoman from Texas (Ms. Jackson Lee). The question was taken; and the Acting Chair announced that the ayes appeared to have it.”