Jim Sensenbrenner: “I yield myself the balance of the time. Madam Chair, the reason that first-to-invent is important is that it allows an…”

“I yield myself the balance of the time. Madam Chair, the reason that first-to-invent is important is that it allows an inventor to talk to investors, conduct trial and error innovation and deal with leaks, because commercially important patent rights are determined by ordinary, nonburdensome business activities. Where this hurts the ordinary inventor by going to first-to-file is that he needs to get his venture capital together, and then go ahead and file for a patent. With first-to-file, he has to put all of the money up front to file in order to protect himself; and what that will do is have a chilling effect on the small inventor who needs to get capital in order to perfect a patent and in order to market it. That's why this amendment should be adopted. I urge the Members to do so. I yield back the balance of my time. The Acting CHAIR. The question is on the amendment offered by the gentleman from Wisconsin (Mr. Sensenbrenner). The question was taken; and the Acting Chair announced that the noes appeared to have it.”