The banking industry, like basically all commercial industry, is always looking for ways to innovate their products and services. Take ATMs or the kind of innovation that allows customers to view the image of their check right on their banking receipt - those cost money to develop. And the banking industry has been lobbying to change the patent laws tied to these sorts of business innovations.
Sen. Chuck Schumer got them a little closer to their goal this week when he slipped in a provision into a patent bill that would benefit the banking industry. Louise Story, Wall Street and finance reporter for The New York Times joins us to explain why Schumer is pushing the provision.