U.S. President Barack Obama on Friday signed the America Invents Act into law, the administration 's latest effort to stimulate the anemic economic growth.

The legislation represents the most significant overhaul of the Patent Act since 1952. The historic patent reform legislation will help American entrepreneurs and businesses bring their inventions to market sooner, creating new businesses and new jobs, the White House said in a statement.

"I am pleased to sign the America Invents Act. This much-needed reform will speed up the patent process so that innovators and entrepreneurs can turn a new invention into a business as quickly as possible," said Obama.

The key elements of the legislation included reducing the current patent backlog, increasing patent quality and enhance the ability of American Inventors to protect their intellectual property overseas.

(Source: Xinhua)