President Obama started by commending the students of what he called “One of the best high schools in the country.” He mentioned that; “We have an exhibit of some of the projects that you guys are doing, including the fist high school student satellite, a wheel chair controlled by brain waves, robotics and more.” He made the crowd smile when he jokingly said; “I am hoping that I will learn something just by being close to you; through osmosis. I already feel smart just standing here.”
Following are some important excerpts from President Obama’s talk prior to signing the act into law.
“When Thomas Edison filed his patent for the phonograph, his application was approved in just 7 weeks. And these days that process is taking an average of 3 years. Over the last decade, patent applications have nearly tripled. And because the patent office doesn’t have the resources to deal with all of them, right now there are about 700,000 applications that haven’t even been opened yet. These are jobs and businesses of the future just waiting to created…. and somewhere in that stack of applications could be the next technological break through, the next miracle drug, the next idea that will launch the next fortune 500 company.”
“We can’t afford to drag our feet any longer at a time when we should be doing everything we can to create good middle class jobs and to Americans back to work. And we have always succeeded because we have been the most dynamic innovative economy in the world. That has to be encouraged. That has to be continued. We have to do everything we can to encourage the entrepreneurial spirit wherever we find it. We should be helping American companies compete and sell their products all over the world. We should be making it easier and faster to turn new ideas into new jobs and new businesses and we should knock down any barriers that stand in the way. Because if we’re going to create jobs now and in the future, we’re going to have to out build and out educate and out innovate every other country on earth. We’ve got a lot of competition out there and if we make it too hard for people with good ideas to attract investment and get them to market then countries like China are going to at it and beat us to it.”
President Obama described the America Invents Act, “So that’s why I asked Congress to send me a bill that reforms the outdated patent process. A bill that cuts away the red tape that slows down our inventors and entrepreneurs and today I am happy to have the opportunity to finally sign that bill. It is a bill that will put a dent in the huge stack of applications waiting for review. It will help start-ups and small business owners turn their ideas into products three times faster than they can today. And it will improve quality and give entrepreneurs the protection and the confidence they need to attract investment to grow their businesses and hire more workers.”
President Obama also mentioned the American Jobs Act and discussed how it is related to the America Invents Act by saying, “I have to take this opportunity while I have some members of congress here to say I’ve got another bill that I’d like to get passed…” which ultimately led to some laughter and applause.
President Obama said the following about the America Invents and American Jobs Acts; “We need to continue to provide incentives and support to make sure that the next generation of manufacturer takes root not in China or in Europe but right here in the United States, because it is not enough to invent things here. Our workers should also be building the products here that are stamped with three proud words ‘Made in America’.”
Finally before ending to sign the bill, President Obama reminded and urged Americans that, “There are folks in Washington who may be fine waiting until the next elections to settle our differences and move forward but the next election is 14 months away. The American people can’t wait that long. There are a lot of people out there living paycheck-to-paycheck, even day-to-day. They are working hard, they are making tough choices and they are meeting their responsibilities but they need us to do the same. So I need everybody who’s listening here and across the country, tell congress, pass the American Jobs Act. We came together to pass patent reform, we should be able to come together to also put people back to work.”
President Obama signed the America Invents Act into law at exactly 11:42 AM, September 16, 2011 closing with; “All right guys, congratulations, the bill is signed.”