Orrin Hatch: “I thank my gracious colleague. He is one of the better people here, and I have a great friendship with him as well. I…”

“I thank my gracious colleague. He is one of the better people here, and I have a great friendship with him as well. I appreciate it. Patent Trolls Mr. President, I rise to speak about the importance of our patent system and how it continues to be abused by patent trolls. Most Members in this body are fully aware of the crippling effect patent trolls are having on innovation and growth upon all areas of our economy--ranging from Main Street businesses to America's largest technology companies. Through abusive and meritless litigation, patent trolls--often shell companies that do not make or sell anything--extort settlements from innovators throughout the country. How do they do it? Take, for example, the small coffee shop down the street that provides Wi-Fi service to its customers. The shop owners are using a technology exactly as it is intended to be used, but thousands of miles away a patent troll purchases broad patents previously issued to someone else. Next, the patent troll sends vague and hostile demand letters to the coffee shop, and thousands of similar businesses, accusing them, often improperly, of infringing their questionable patents. Many trolls target small businesses that they hope will agree to settle even though they have done nothing wrong simply because they do not have the resources to defend themselves in court. These settlements divert capital that could otherwise be used for research and development or to create jobs.…”