Sen. Jeff Sessions (R-AL) Bank Bill's Senate Champion Has Ties to Industry

[L. Coyote]

Bank Bill's Senate Champion Has Ties to Industry
By GREG HITT - Oct 4, 2007; Page A4
http://online.wsj.com/public/article_print/SB119146464723548620.html


WASHINGTON -- In late July, Sen. Jeff Sessions began promoting legislation that would aid some of the nation's biggest banks -- among them, two institutions in which he and his wife hold shares.

Working closely with allies in the industry, the Alabama Republican championed an amendment that would allow banks to avoid paying what an industry executive says could amount to billions of dollars a year in royalties. The royalties, on a technology that converts paper checks into electronic images, are being claimed by DataTreasury Corp. of Plano, Texas, which holds a handful of patents related to the process.

At Mr. Sessions's urging, the measure was folded into broader legislation aimed at overhauling the U.S. patent system, which is being prepared for debate this fall on the Senate floor.

Mr. Sessions says the amendment reflected his longstanding desire to limit what he considers excessive civil litigation, as well as his concerns about predatory patent suits. .....