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CHAIRMAN OF FEDERAL RESERVE ON BRAIN DRAIN

Last week Federal Reserve Chairman Ben Bernanke appeared before the Joint Economic Committee to answer questions about the economic outlook of the United States. In response to a question from Congressman Cummings, Chairman Bernanke casually mentioned patent reform. Commentators believe that not much should be read into his brief statement, other than the fact that Chairman Bernanke is aware of the patent reform issue and its relationship to the policy issue of “encouraging innovation.”

Furthermore, Chairman Bernanke criticized the state of the Brain Drain in the US and the current trend toward family-based immigration. "I know it's not very popular to say, but our immigration laws discriminate pretty heavily against talented scientists and engineers" from other countries, Bernanke said. "If you allow more people with high-tech skills to come here," you get more innovation and more growth, he added.

? Valery Milgrom, 1997 - 2012

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