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Members of the House are back in their home districts for a Constituent Work Week and will return after the Independence Day holiday. On the Senate side, a light week is highlighted by a Finance Committee hearing on simplifying the tax code.
Last week, a patent reform bill, the America Invents Act (H.R. 1249), passed the House of Representatives. On March 8, the Senate passed a similar patent bill (S. 23) by a broad margin. There is no doubt our patent system is broken with backlogs and litigation, but the bill’s net effect on innovative entrepreneurship is still unclear.
Each day, Innovation Daily checks the pulse of global innovation-- courtesy of Innovation America. Here, we take a look at a handful of relevant stories it compiled last week:
If you ask an entrepreneur, the global economy is starting to perk up a bit. In the most recent ‘Global Entrepreneur Indicator’ survey, 62% experienced an increase in their net profits -- a 25% increase over the previous year -- while 57% added jobs since last surveyed.
PDE staff were on hand for a House Committee on Small Business hearing on Capitol Hill on June 22. Our report of the hearing follows: There is no debating the fact that the financial crisis has adversely impacted small businesses. Indeed, this fact was the common theme that ran through the opening statements of a recent hearing held by the House Committee on Small Business.
Following opening remarks by Representatives Sam Graves (R-MO) and Nydia M. Velazquez (D-NY), Chairman and Ranking Member respectively, Treasury Secretary Timothy Geithner delivered a summary of his written testimony on the “State of Small Business Access to Capital.”
According to The Times CEO Summit here in London, Britain is mid-table in the world growth league, but committed to a new rigorous economic agenda. Now that the painful job of drastic budget cuts is underway and an often angry public has aired its grievances, Prime Minister David Cameron appears to be intently focused on new firm formation, the know-how economy, the next digital revolution and private input into “innovating down” health costs. He is determined to protect his AAA Standard & Poors evaluation and keep his economy from heading in the direction of others like Greece.
With largely unimpressive employment figures and sagging consumer confidence, the Obama administration is seemingly pulling out all the stops in its economic arsenal. It has focused on small businesses--touting its 17 tax cuts for small business owners—as well as new businesses through its support of programs like Startup America and the Global Entrepreneurship Program. And now it is looking to get into a bit of good old traditional economic development, trying to attract and retain businesses—convincing them to select US locations to either start or expand operations.
Even if legal attempts to derail the US healthcare reform bill were successful, it wouldn’t really matter.
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