Legislation introduced in Congress would require the Federal Reserve to "submit to the appropriate congressional committees…a Directive Policy Rule", which shall "describe the strategy or rule of the Federal Open Market Committee for the systematic quantitative adjustment of the Policy Instrument Target to respond to a change in the Intermediate Policy Inputs." Should the Fed deviate from the rule, the Fed Chair would have to "testify before the appropriate congressional committees as to why the [rule]…is not in compliance." Enacting this provision would improve monetary policy outcomes in the U.S.
All else equal, Patent Assertion Entities — which specialize in acquiring and asserting patents and are popularly known as “patent trolls" — promote innovation in the U.S.
Within the software industry, the US patent system makes consumers better off than they would be in the absence of patents.
