US Patent System Weakening - Really?

The article here is very interesting.

It talks about a Patent Reforms bill to be passed by US senate and tries to explain why "it will stifle growth and prosperity for the average U.S. citizen. It will slow down investment, reduce jobs and threaten economic recovery at a time we need it most. This misguided special-interest legislation still pending in the portals of the Senate must be stopped. "

Further the article says, "However, a few very influential large companies led by Microsoft, Intel, Cisco, IBM and the other "usual suspects" have spun a web of deception and successfully pushed legislation through Congress that dramatically weakens the patent system. A corresponding bill is now approaching a vote in the Senate. The influential group of big companies calls itself the "coalition for patent fairness," but is more accurately described as the "infringers' lobby." They no longer need to rely on patents for a competitive advantage - instead, they rely on their dominant market power and don't want innovators getting in their way."

No where in the article however, the proposed bill is described and what specific points really will do what the author thinks they will achieve.

Another very interesting point made by the author ," On the other hand, patent experts in China and India have welcomed the bill, as it would enable low-risk and low-cost access to U.S. technologies. "

Well, when India and China protect their markets the same authors talk about protectism and closed economies etc. Now as the world is globalizing, who is creating one-sided protectionisms laws!

Do we really need to take these articles seriously? In a world where open ness rules, innovation thrives. I am not convinced that US only has Innovation Monopoly?