Bipartisan Coalition Introduces Trade Secrets Protection Act of 2014, H.R. 5233

On July 29, 2014, Congressman Holding introduced a new piece of legislation, the Trade Secrets Protection Act (the “TSPA”). The TSPA is in response to growing cyber security threats and concerns, and is designed to increase the tools available for businesses to protect their trade secrets. While not preempting state law, the TSPA would create a federal civil remedy for trade secret misappropriation, according to the TSPA’s definition of misappropriation, which is modeled after the Uniform Trade Secret Act.