Troy Keller
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Articles by Troy Keller
Senator Mike Lee Introduces the Direct Seller and Real Estate Agent Harmonization Act
On September 30, Utah Senator Mike Lee introduced the Direct Seller and Real Estate Agent Harmonization Act, with Utah Senator John Curtis as co-sponsor. It is welcome news for two industries that operate through millions of independent contractors in the U.S. and that have long managed around inconsistent rules, not only across the states but within different agencies at the federal level.
The 21st Century ROAD to Housing Act
A Policy Meme Codified Earlier this year, we commented on “housing affordability” as a new and powerful policy meme. Policy memes emerge when the complex work of defining an issue and assessing its importance happens organically as ideas evolve and coalesce, often into catchphrases that carry far more meaning in the current environment than they would if dropped nakedly into some other moment in history.
Corporate Governance Perspectives from an Industry Under the Microscope
Recap from our July 16 webinar: “Direct Selling and Good Corporate Governance in 2026” Most corporate governance presentations follow a familiar script: recite some best practices, note how they offer legal protection for companies and boards, and adjourn. In our recent webinar on good corporate governance, we set out to do something more bespoke.
A Main Street Policy Discussion About IPOs
Earlier this month, we hosted a roundtable optimistically titled, “Bringing IPOs Back to Utah.” It was largely a local affair, with a mix of executives, trade association representatives, policymakers and investors. A main street crowd, but a savvy one. Dorsey, KPMG, and Zions Bank provided perspectives from the legal, finance and accounting side. We were also quite fortunate to host SEC Commissioner Hester Peirce virtually for the second half of the discussion.
White House Executive Order on Integrating Financial Technology Innovation into Regulatory Frameworks - Also, is Fintech Geopolitical?
On May 19, the White House released a unique executive order demonstrating the Administration’s intent to promote fintech innovation. Given the complexity of existing financial regulatory frameworks, there is reason to be skeptical of major changes in the short term. But in light of the broad directives, the banking and fintech communities should stay close to what develops. Alongside the domestic regulatory focus, the executive order is framed as important to America’s leadership in the world.
Tariffs Roundup - June 2026
My colleagues published an excellent eUpdate on a number of trade developments this week. It’s been a lot, with USTR coming out with a slate of new 301 Tariffs following its investigation into forced labor related policies and practices, opening a new 301 investigation on intellectual property protection in Vietnam, adjustments to 232 duties and more. Here is a link to the eUpdate.
Making IPOs Great Again
Securities & Exchange Commission (SEC) Chair Paul Atkins has been vocal about his desire to make IPOs great again. It would take a serious amount of rulemaking and potentially even statutory changes to reshuffle the mix of incentives and burdens that have inclined companies against choosing to go public in recent years. But if he is successful, even in part, there could be meaningful benefits.
The Season of the Sandbox
The concept of a regulatory sandbox is becoming a familiar one. When a recent White House executive order laid out a comprehensive legislative framework for artificial intelligence, it included a call for Congress to establish federal regulatory sandboxes, without any further explanation. Just a few years ago, such a request might have been met with a confused stare. Now, the idea of a regulatory sandbox is a recognized policy making tool.
Opinion: How to regulate the moving target of AI Original
The open internet is a failure at this point. With clickbait and pop-ups desperately trying to distract you from the article you are intending to read and the barrage of cookie consent banners and privacy “accept all” buttons wearing out your mouse button — well, if you are like me, you tend to throw up your hands and click blindly in order to move through the mess.
What Does Utah’s New Congressional Map Mean for Your Company? | JD Supra
All businesses have a relationship with their congressional representatives, whether they are conscious of it or not. For some, due to the size or nature of their operations, this is a direct and proactive one. For others, it may be passive, perhaps even indirect through trade associations or state bodies that support or regulate business interests.
Public Consultation Begins on Renewal of U.S.-Mexico-Canada Agreement | JD Supra
The Office of the U.S. Trade Representative (“USTR”) has announced opportunities to provide input on key trade topics. The USTR published a Federal Register notice seeking public comments and testimony on the operation of the U.S.-Mexico-Canada Agreement (“USMCA”). Comments are due November 3, 2025, as are any requests to testify at the hearing scheduled for November 17, 2025.
Troy Keller Awarded Legal Elite by Utah Business Magazine
Dorsey & Whitney LLP Partner Troy Keller received a Legal Elite award from Utah Business Magazine. Legal Elite recognizes top attorneys in Utah who have made meaningful contributions to their areas of practice. Honorees are selected for their outstanding legal knowledge, ethical standards, and notable professional achievements, reflecting the respectable reputation they’ve earned within the legal community.
The tools shaping Utah’s economy in 2024
Successful economies grow organically. They grow even better when supported by smart policies. Utah’s economy has led the nation consistently in recent years, nurtured by a dynamic governor and an attentive legislature. But every year brings new challenges, and there is no lack of uncertainty for business these days: valuations are down, interest rates have made debt capital expensive and inflationary pressure on wages and supply chains makes it hard to plan ahead.
The stalled trade program costing Utah millions
In the 1800s, Utah's economy was so disconnected from global markets that households were encouraged to make and sell homemade products with the goal of replacing "almost every article of imported goods" coming from outside the territory. The policy was driven in part by necessity but also by a desire to preserve scarce capital from being spent abroad.
The economy needs Mike Lee
When people from outside Utah ask me if Mike Lee is going to be OK in his race, it's actually a loaded question - especially coming from those in the business community. I say loaded because they aren't asking out of idle curiosity, nor are they just counting seats to get to a Republican majority. They are worried about what a Senate without Lee's leadership would mean for a number of key economic policy issues.
USICA Passage Suggests Significant Funding Opportunities Across Range of Industries | JD Supra
The United States Innovation and Competition Act (“USICA”) passed the Senate on June 8, 2021. The bill, a rare bipartisan effort, would pour funding into research, design, and manufacturing initiatives in key technological and infrastructure sectors. If ultimately adopted, the USICA will have significant implications and opportunities for organizations ranging from manufacturing and mining to universities/higher education.
Opinion: The federal government isn’t taxing PPP loans, but Utah is
There are plenty of income streams we could tax in theory but don’t, usually for good reason. We don’t tax welfare benefits, for instance, even though they are technically income, because it would be pointless to give support to the poor with one hand and take it away with the other. Stimulus relief falls into this category. Last August, Utah’s legislature wisely decided not to tax federal stimulus checks given to individuals.
Round Three of the PPP - The New Stimulus Bill Amendments | JD Supra
In an effort to achieve an agreement before the expiration of many of the CARES Act1 economic relief measures, on December 21, 2020, the U.S. Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Act”).
Guest opinion: The benefits — and dangers — of stimulus checks
After the $2 trillion CARES Act was passed earlier this year, we asked an important question. Are we doing stimulus right? Unconventional grammar aside, it was the right question, because the CARES Act was not only the largest stimulus package in history, it was filled with these new and unprecedented programs whose future effect was unclear. Would they actually work? Would we have an economy we even recognized on the other side of the shutdown?
Expert opinion: Policy trends impacting the Utah-China relationship
If the global economy is a football stadium filled with dominos arranged in intricate patterns, Utah is a cluster around the 20-yard line, deep on the U.S. side of the field. From this cluster sprouts our state’s industries in lines that split and divide as they interconnect with the rest of the world.
The evolution of the corporation
There is a scene in the 1990’s movie, Grosse Pointe Blank where John Cusack’s character asks a friend about his job as a corporate security guard. The man reluctantly admits: “Yeah, this badge isn’t a meaningful symbol.
The Paycheck Protection Program Flexibility Act: Helpful Modifications to the PPP, but New Questions Arise | JD Supra
On Wednesday evening of June 3, 2020, the U.S. Congress enacted material modifications to the CARES Act in the Paycheck Protection Program Flexibility Act of 2020 (the “Act”). The Act, originally introduced by Representative Dean Phillips of the Third Congressional District in the State of Minnesota, revises the Paycheck Protection Program (“PPP”) to, among other things, further assist borrowers with maximizing the amount of the PPP loan that may be forgiven.
Suing each other in a post-COVID world
Our legal system is far from perfect, but in ordinary times I suspect most of us would take it over the alternatives. For one, it gives each of us these nifty rights like free speech and due process that allow the little guy to stand up to the largest and most powerful institutions. You won’t find that in most parts of the world (or in Davis County traffic court my teenagers would argue). And thank goodness our lawyers don’t wear wigs in the courtroom.
Are Congress’ stimulus plans to revamp the economy working?
Wallace Stegner once said, “There is a sense in which we are all each other’s consequences.” His was a sobering perspective on choices and the human condition — wisdom of the ages from one of our nation’s great novelists and historians, and one of Utah’s adopted sons. Policymakers deal with the existential reality Stegner described in a magnified way. The decisions they make shape the tomorrow we all will inherit.
Landmark Coronavirus Aid, Relief and Economic Security Act: A Practical Guide | JD Supra
On March 25, 2020, the U.S. Senate passed a $2 trillion federal stimulus package (the largest in U.S. history) by an historic 96-0 vote. The Bill now goes to the U.S. House of Representatives (vote expected Friday, March 27) and then the President. Dorsey has been closely studying the language which, as passed by the Senate, provides many important measures discussed here. We’ll continue to update this information as the Bill moves to final passage.
The India Opportunity
The world is flat. Or it was, mostly, for a while. Recent years have tested the premises of globalization as a combination of trade disputes and stagnant overseas economies have reduced opportunities abroad. Jurisdictions that once seemed attractive now present unreasonable risk or offer limited growth for investors. For Utah businesses looking to explore international waters, these trends are not ideal.
What Is Tech Policy And Why Is It Relevant?
This question reminds me of the time we were driving by a golf course as it was being irrigated with huge sprinklers. My five-year old son asked me what the sprinklers were for. This was during that phase when he asked questions about anything and everything, with each explanation followed by a “but why?” I was tired at the end of this particular day, so I said to him sternly, “I think you can figure this one out for yourself.” A long silence.
2019 Proxy Season Update: Shareholder Proposal Trends | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Utah, Brexit and Chaos Theory
When I was in law school, it became popular to cite chaos theory. The first Jurassic Park movie had come out the year before and familiarized us with the classic analogy of a butterfly flapping its wings in Peking and triggering rain in Central Park.
The Government Shutdown Is Over, Now What?
The partial government shutdown ended last Friday. Pray it never returns. It derailed the personal finances of 800,000 federal employees and unsettled financial markets. What its long-term effects will be is a complicated question, one for the economists and political analysts. For businesses, however, there is a more immediate concern: dealing with the massive backlog that has built up in many key functions of the government. Just how meaningful is this backlog?
Monsanto's Roundup Case: What's at Stake from a Legal and Policy Perspective | JD Supra
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