Barack Obama 2011-01-01 1 Statement on Senate Passage of Patent Reform Legislation March 8, 2011 Creating new jobs and new opportunities in a fiercely competitive world demands policies that encourage and support American innovation and ingenuity. So I'm pleased that, on a bipartisan basis, the Senate has passed the most significant patent reform in over half a century. This long-overdue reform is vital to our ongoing efforts to modernize America's patent laws and reduce the backlog of 700,000 patent applications, which won't just increase transparency and certainty for inventors, entrepreneurs, and businesses, but help grow our economy and create good jobs. I want to thank Senators Leahy, Grassley, and Hatch for their leadership on this issue, and I look forward to working with the House of Representatives to pass patent reform legislation I can sign into law. Note: The statement referred to S. 23.