“Yesterday, the Obama administration rolled out a sweeping set of executive actions and legislative recommendations that are supposed to “protect innovators from frivolous litigation” and improve America’s patent system in support of the Leahy-Smith America Invents Act the President signed into law in 2011,” Steve Tobak writes for FOX Business. “The White House Fact Sheet also takes aim at so-called patent trolls that drain the economy, ‘leverage and hijack’ people’s ideas, and try to “extort some money out of them,” in the President’s words.”

“If you didn’t know any better, you’d probably think that sounds great. And maybe you’d be right. But there’s a very good chance you wouldn’t be,” Tobak writes. “There’s a very good chance that the law of unintended consequences will ultimately prove what I’ve said for years, that legislation and regulation are bad for business. And this is no exception.”

“Steve Jobs very much regretted inviting then Google CEO Eric Schmidt to sit on Apple’s board,” Tobak writes. “Had Jobs known that Schmidt would betray his trust and Google would more or less clone the iPhone, Apple wouldn’t be embroiled in those costly and distracting smartphone patent wars with Google, Motorola, Samsung, and others. And that’s the only thing that could have changed the outcome.”

“The White House task force on high-tech patent issues will not change a thing. One thing has absolutely nothing to do with the other. That sort of overstatement, that overreaching rhetoric that the Obama administration uses so consistently, should give you a clue as to the legitimacy of its actions,” Tobak writes. “While I wish it were otherwise, I’m afraid that the Leahy-Smith America Invents Act and the President’s actions yesterday are likely to weaken the rights and the leverage of U.S. patent holders, both domestically and overseas. They will probably weaken the ability of small, innovative companies to grow and succeed over the long haul. And I believe they will ultimately harm the competitiveness of our technology industry on a global scale.

Read more in the full article here.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.

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Obama executive orders take aim at patent trolls, encourage high tech patents – June 4, 2013