Chuck Schumer giving a textbook case of crony capitalism or
Business method patents getting a bad rap. Sadly, it’s going to take work for both of them to lose but, in the long run, anything to knock business method patents is going to be my preference: Schumer Helps Banks With a Patent Problem [pdf]
The patents at issue are called “business method” patents, which cover a process for performing a task but not necessarily the technology required to make it happen. Method patents are the bane of the corporate world, and business groups say they encourage frivolous lawsuits based on faulty application of patent law.
[…] While other provisions address reviews for patents after they are issued, the language of Mr. Schumer’s provision seems aimed at banks or, specifically, “a method or corresponding apparatus for performing data processing operations used in the practice, administration or management of a financial product or service.”
The legislation is the “America Invents Act,” and the discussion here is centering on HR 1249.