President Obama signs major overhaul of U.S. patent law

President Barack Obama on Friday signed into law an overhaul of the U.S. patent system. It was the first significant change in the way inventors can bring their products to market in nearly 60 years. The patent-reform law, approved in a rare display of bipartisanship in the U.S. Congress, was welcomed as a milestone that would spark innovation and create jobs. Obama signed the legislation after touring Thomas Jefferson High School for Science and Technology in Alexandria, Virginia. The law seeks to streamline the patent process, reduce costly legal battles, and give the U.S. Patent and Trademark Office funding to process applications faster. The legislation was supported by companies including Google and Apple as well as the U.S. Chamber of Commerce. The last significant change in patent law happened in 1952.