Lamar Smith: “I yield myself 1 minute. Madam Chair, I strongly oppose this amendment. It strikes a useful provision that would provide…”

“I yield myself 1 minute. Madam Chair, I strongly oppose this amendment. It strikes a useful provision that would provide a way to review the validity of certain business method patents. The proceeding would create an inexpensive and faster alternative to litigation, allowing parties to resolve their disputes rather than spending millions of dollars that litigation now costs. In the process, the proceeding would also prevent nuisance or extortion lawsuits. This provision is strongly supported by community banks, credit unions, and other institutions that are an important source of lending to homeowners and small businesses. Finally, this bill only creates a new mechanism for reviewing the validity of business method patents. It does not alter the validity of those patents. Under settled precedent, the transitional review program is absolutely constitutional. Madam Chair, I now yield 1 minute to the gentleman from New York (Mr. Grimm), a member of the Financial Services Committee.”