ARLINGTON, VA -- The Consumer Electronics Association issued a statement applauding US President Barack Obama for signing the America Invents Act into law.

Calling the new law an "important patent reform," Michael Petricone, CEA senior vice president of government affairs, said, "The enactment is an important step toward the creation of a 21st century patent system that will promote and safeguard innovation. This law speeds the approval of patents and makes a number of changes that will improve the functioning of our patent system. It reforms a misguided law that allowed frivolous, innovation-chilling lawsuits in the event patent numbers were listed incorrectly on products.

"For years, structural problems in our patent system have stifled innovation while imposing unnecessary costs on our crown jewel companies. At a time when Americans are innovating faster than ever, a fully functional patent system is fundamental to our economic success. We applaud the President for signing this important law that helps restore common sense, encourages innovation, and reduces harm by those using the present law to hurt our economy and productive companies."