Wouldn't that just put it back in the hands of the Federal Gov where it would languish like it did before?

Surprised that you were downvoted because this was actually the problem that led to the act: IP for work done for the federal government (not by the federal government) was often difficult to make use of.

Those seeking to use government-owned technology found a maze of rules and regulations set out by the agencies in question because there was no uniform federal policy on patents for government-sponsored inventions or on the transfer of technology from the government to the private sector.

From the wikipedia article that was referred to: Prior to the enactment of Bayh-Dole, the U.S. government had accumulated 28,000 patents, but fewer than 5% of those patents were commercially licensed

Not saying I understand the complexities but an outright repeal doesn't seem like it would address this underlying systemic problem. Maybe times have changed.

They haven't changed. Some government agencies excel at basic research (NIH, DOE, NASA, etc.), but for a multitude of reasons, they don't do product development. (And having worked at one of these agencies for several years, I think it would be a terrible mistake to change this - even though I personally have very mixed feelings about how Bayh-Dole has worked out.)

Are more than 5% of university patents commercially licensed these days?

Some large fraction of patents are useless and will never be commercially licensed because it would never make any sense to pay a dime for them. A further fraction would demonstrate market failure if they were licensed - there's something much better that isn't patented, so if people are obliged to do the worse patented thing AND pay commercially for a license then we've made everything worse. So "more than 5%" might be a bad sign anyway.

This is what happened to audio codecs for years for example, several alternatives are superior to MPEG Audio Layer III (today you should use Opus), but the MP3 patent holders could expect their revenue to keep flowing for their inferior alternative anyway.

A certain kind of person really wants a patent, the same way someone might really want to win themselves a Hugo. I guess employer can think of it as a relatively expensive employee retention benefit, OK, we'll pay for your useless patent filing and we'll get you a laminated front page you can pin up in your cubicle. Go you.

Work produced by the Federal Government are usually automatically in the public domain.

Clarification: This thread is referring to work funded by the Federal Government (not done by Federal Government). And I would agree with @sitkak - that perhaps that BD act needs to be cut down - for starters. But we do need more to fix Universities.

Imagine a VC that demanded ownership of 100% of all code you developed and user data you collected in return for accepting any investment from them. Would any good startup take the money? Without Bayh-Dole, the government would be in the same position as that hypothetical VC.

Innovation is about money, not ideals. More money flowing into research universities is a good thing.

> Would any good startup take the money?

I would wager most grants given by the federal government go to universities or non-profits, so it seems like it would make perfect sense to make them release their research publicly.