U.S. President Barack Obama has signed into law legislation aimed at expediting the process of approving U.S. patents, a move the president says will provide help the economy and create jobs.

President Obama signed the bill Friday during a visit to a high school for science and technology outside Washington. Mr. Obama said the law would help by giving the Patent and Trademark Office the funding it needs to catch up on a backlog of nearly 700,000 applications.

Currently, the patent system is clogged by legal battles over which applicant is the first to invent a given product.

The president also used the visit to discuss his $447 billion jobs legislation, calling on Congress to pass the measure and send it to the White House “right away.” The president has been traveling across the country to promote his proposal. He says it will boost the struggling economy by helping small businesses and creating nearly 2 million jobs. The president also says it will put construction workers and teachers back to work.

The Republican Speaker of the House of Representatives, John Boehner, Thursday dismissed Mr. Obama's plan during speech before the Economic Club of Washington. Boehner said excessive regulation, government spending and the current tax code threaten job creation.

Despite widespread Republican opposition, Boehner said there are opportunities within the president's proposal for common ground.

The U.S. unemployment rate stands at around 9 percent.