Big Banks Prepared to Strike Again

Giving handouts to Wall Street and big banks has become a reflexive action for members of Congress. One would think that billions in bailout money would be enough to satisfy the appetite of those in Washington who want to placate the bankers.

Apparently not. The big banks are still hungry and Congress is poised to feed them again.

The Senate has passed patent reform legislation that the House is prepared to vote on sometime this month. The bill contains a provision, authored by Sen. Chuck Schumer (D-NY) that would empower the bankers to blatantly steal patents without just compensation to the patent holders.

Inventors get shafted and the bankers make off like bandits – again.

The American patent system was designed to protect small inventors. It has been a cornerstone of American prosperity since the founding of the Republic. Changing the system is controversial and a significant portion of the conservative movement opposes the legislation outright. But they are swimming upstream.

The Senate has passed the bill by a huge margin and the bill passed the Republican House Judiciary Committee as well. The word on the Hill is that the Leadership is preparing to schedule the bill sometime next week.

Not so fast.

Handing big banks the ability to steal patents from investors is among the most egregious examples of big business using government to pad their bottom line and tantamount to another bailout – all to placate the Financial Services Roundtable and the American Bankers Association.

Members of the conservative House Republican Study Committee need to flex their muscles – fast. There is no reason for another government handout to big banks. House Majority Leader Eric Cantor can demand the provision be removed before he brings the bill to the House floor. The question is: will he stand for principle or will he stand with Sen. Schumer and the banking lobbyists?

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