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Volume 90.4
The Fourth Amendment Without Police
Shawn E. Fields
Assistant Professor of Law, Campbell University School of Law.

I am grateful for conversations and discussion at the 2021 Southeastern Association of Law Schools Conference, at which I received helpful input from Cynthia Alkon, Mitch Crusto, Raff Donelson, Jancy Hoeffel, Nicole Iannarone, Christopher Lund, Carla Reyes, Daniel Schaffa, Kate Sneddon, Neil Sobol, Scott Sundby, Anna VanCleave, and Howard Wasserman. I also received enormously helpful comments and feedback from Dwight Aarons, Kristen Bell, Zac Bolitho, Bobbi Jo Boyd, Marcus Gadson, Tony Ghiotto, Noël Harlow, Orin Kerr, Cortney Lollar, and Gustavo Ribeiro. All errors are my own.

What role will the Fourth Amendment play in a world without police? As academics, activists, and lawmakers explore alternatives to traditional law enforcement, it bears asking whether the amendment primarily tasked with regulating police investigations would also regulate postpolice public safety agencies. Surprisingly, the answer is often no. Courts are reluctant to recognize protections from government searches or seizures outside criminal investigations, and they are even more reluctant to require probable cause or a warrant for such conduct. Thus, by removing most public safety functions outside the criminal sphere, abolitionists also move intrusive government conduct outside these traditional strictures and guardrails. This Article provides the first sustained evaluation of the Fourth Amendment’s limited role in a postpolice world and examines the implications of this reality.

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Volume 90.4
Regulatory Trading
David A. Weisbach
Walter J. Blum Professor of Law, University of Chicago Law School.

Send comments to d-weisbach@uchicago.edu. I am thankful for Jen Nou and Mark Templeton for discussions and the many valuable comments from workshops at the University of Chicago Law School and Washington University Law School. Special thanks to Richard Sandor for allowing me to participate in his class at the University of Chicago Law School, The Law and Economics of Natural Resource Markets.

Regulatory trading systems, such as the SO2 cap-and-trade system, are ubiquitous in environmental and natural resources law. In addition to cap-and-trade systems for pollutants such as SO2, NOx, and CO2, environmental and natural resources law uses trading in areas such as endangered species, water quality, wetlands, vehicle mileage, and forestry and farming practices. Trading, however, is rarely used as a regulatory approach in other areas of law. This Article seeks to identify the reasons for this dichotomy. To understand the dichotomy, the Article examines the uses of trading in environmental and natural resources law, where it has been successful, and where problems have arisen, including hot spots problems, environmental justice problems, measurement problems, and moral problems with the use of markets. It then considers the possibility of trading in six nonenvironmental areas of law to see whether trading can be helpful, and if not, why not.

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Volume 90.4
The Long Arm of Bostock v. Clayton County: Opening 42 U.S.C. § 1985(3) to Claims of Anti-LGBT Discrimination
Jason Hanselman
B.A. 2020, Marquette University; J.D. Candidate 2024, The University of Chicago Law School.

Many thanks to the staff and editors of the University of Chicago Law Review for their incisive feedback on previous drafts.

This Comment argues that Justice Gorsuch’s opinion is not merely relevant for the scope of Title VII but also has ramifications for the scope of § 1985(3) because it gives rise to three key propositions: (1) federal law now condemns anti-LGBT discrimination, affording special protections to LGBT folks; (2) discrimination against LGBT folks necessarily constitutes discrimination on the basis of sex; and (3) legislative history should only be used if the relevant statute is genuinely ambiguous. Justice Gorsuch has thus provided LGBT plaintiffs with a master key, suggesting arguments tailored to each circuit’s position on sex-based discrimination, such that any circuit should permit LGBT folks to use § 1985(3) in the wake of Bostock.

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Volume 90.4
Covenant Control: The Case for Treating Uptier Transactions as a Form of Corporate Control
Ryan Schloessmann
B.A. 2017, Carleton College; J.D. Candidate 2024, The University of Chicago Law School.

I would like to thank Professors Douglas Baird, Vincent Buccola, and Tony Casey, and the editors and staff of the University of Chicago Law Review for their thoughtful advice and insight.

In recent years, uptier transactions have emerged as a novel way for distressed companies to restructure their debt obligations, resulting in unforeseen and inequitable outcomes for investors in corporate debt. Uptier transactions depend on provisions in credit agreements that permit debtholders with a majority stake in a class of debt to make decisions on behalf of all debtholders. Distressed companies take advantage of these provisions by colluding with a majority of debtholders to shift economic value from the remaining debtholders to themselves. As this Comment demonstrates, these transactions are likely to be value destructive and present an issue for capital markets. Unfortunately, the contractual solutions available to debtholders to prevent uptier transactions either are insufficient or impose substantial costs on parties.

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Volume 90.4
A Gricean Theory of Expressive Conduct
Richard P. Stillman
B.A. 2011, Swarthmore College; Ph.D. 2021, The Graduate Center, City University of New York; J.D. Candidate 2024, The University of Chicago Law School.

I would like to thank Professor Geoffrey Stone for his guidance and supervision. Special thanks are also due to the editors and staff of the University of Chicago Law Review for improving this Comment through their incisive and thoughtful feedback.

This Comment addresses how courts should decide whether non-verbal conduct is “speech” within the meaning of the First Amendment. In Spence v. Washington, the Supreme Court devised a two-part test for determining whether non-verbal conduct is expressive, which has subsequently become known as the “Spence test.” In its subsequent cases, however, the Court has made clear that the category of “expressive conduct” includes a wider variety of non-verbal behaviors than a literal reading of the Spence test would suggest. Drawing on the work of twentieth-century philosopher Paul Grice, this Comment proposes a two-part test that captures the expressive character of this wider variety of behaviors, and demonstrates how lower courts might employ the test either as a replacement for, or as a supplement to, the Spence test.

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Volume 90.3
The Uncertain Judge
Courtney M. Cox
Associate Professor of Law, Fordham University School of Law. D.Phil., University of Oxford; J.D., University of Chicago Law School.

I owe a particular debt of gratitude to David Strauss for his engagement with this project. For generous comments and conversations, I also thank Atinuke Adediran, Aditi Bagchi, Olivia Bailey, Shyamkrishna Balganesh, Pamela Bookman, Andrew Botterell, John Broome, Ruth Chang, Mala Chatterjee, Bruce Cox, Nestor Davidson, Janet Freilich, Caroline Gentile, Abner Greene, Daniel Hemel, Zach Huffman, Clare Huntington, Felipe Jiménez, Brian Lee, Youngjae Lee, Ethan Leib, Brian Leiter, Seth Mayer, Dan Priel, Marcela Prieto, Richard Re, Pamela Samuelson, Steven Schaus, Sepehr Shahshahani, Jeremy Sheff, Seana Shiffrin, Lawrence Solum, Kevin Tobia, Murray Tipping, Ian Weinstein, Maggie Wittlin, Benjamin Zipursky; participants at the Fordham Faculty Workshop, UCLA Legal Theory Workshop, North American Workshop on Private Law Theory, NYC IP Law & Philosophy Workshop, St. John’s Faculty Workshop, UVA Hard Cases Workshop, USC Law & Philosophy Workshop, and Edinburgh Legal Theory Workshop; and my fall 2021 Philosophical Perspectives students. I am grateful for the opportunity to have discussed this project in its early stages with Hon. Sandra L. Lynch and Hon. David J. Barron of the U.S. Court of Appeals for the First Circuit. I am greatly indebted to the Fordham Law Librarians, especially Kelly Leong. For excellent research assistance, I thank my RAs, especially Edward Ernst, Eric Hechler, Jocelyn Lee, Maya Syngal McGrath, Jordan Phelan, Juliann Petkov, M. Ryan Purdy, Eleni Venetos, and Pamela White.

The intellectually honest judge faces a very serious problem about which little has been said. It is this: What should a judge do when she knows all the relevant facts, laws, and theories of adjudication, but still remains uncertain about what she ought to do? Such occasions will arise, for whatever her preferred theory about how she ought to decide a given case—what I will call her preferred “jurisprudence”— she may harbor lingering doubts that a competing jurisprudence is correct instead. And sometimes, these competing jurisprudences provide conflicting guidance. When that happens, what should she do?

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Volume 90.3
Beyond States: A Constitutional History of Territory, Statehood, and Nation-Building
Craig Green
Professor of Law, Temple University; Ph.D., Princeton University; J.D., Yale Law School.

Many thanks for comments on earlier drafts by Greg Ablavsky, Matthew Adler, Jane Baron, Maggie Blackhawk, Pam Bookman, Kellen Funk, Maeve Glass, Paul Gugliuzza, Dirk Hartog, Kaylin Hawkins, Owen Healy, Margaret Lemos, Jonathan Lipson, Jane Manners, Stephanie McCurry, Gillian Metzger, Henry Monaghan, Andrea Monroe, Christina D. Ponsa-Kraus, Rachel Rebouché, and Neil Siegel. Thanks also to workshop participants at the D’Arcy McNickle Center for American Indian and Indigenous Studies, the Rehnquist Center’s National Conference for Constitutional Law Scholars, and faculty workshops at Columbia Law School and Duke Law School. I am grateful to Cecilia Denhard, Erin Gallagher, Tess Gildea, Daniela Rakhlina-Powsner, Emory Strawn, Mona Vaddiraju, Tessa Valdez, Sarah Zimmerman, and especially Daniel Kilburn for outstanding research assistance.

The United States has always been more than simply a group of united states. The constitutional history of national union and component states is linked to a third category: federal territory. This Article uses an integrated history of territory, statehood, and union to develop a new framework for analyzing constitutional statehood. Three historical periods are crucial—the Founding Era, the Civil War, and Reconstruction—as times when statehood was especially malleable as a matter of constitutional law. During each of those formative periods, the most important constitutional struggles about statehood and the union involved federal territories.

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Volume 90.3
Taming Wildcat Stablecoins
Gary B. Gorton
Frederick Frank Class of 1954 Professor of Finance at the Yale School of Management.
Jeffery Y. Zhang
Assistant Professor at the University of Michigan Law School.

The authors thank Michelle Tong for excellent research assistance as well as Jordan Bleicher, Lucy Chang, Jess Cheng, Randall Guynn, Howell Jackson, Jeremy Kress, Timothy Massad, Jai Massari, Bill Nelson, Mark Pocock, Mark Van Der Weide, David Warsh, and Evan Winerman for their suggestions. In addition, the authors thank the editors of the University of Chicago Law Review—Connie Gong, Adrian Ivashkiv, Annie Kors, Gabrielle Dohmen, Josh Leopold, Mario Ramirez, Burke Snowden, and Daniel Landy—for their thoughtful feedback and edits. Finally, the authors are grateful for discussions with seminar participants at Columbia Law School, the Northwestern Pritzker School of Law, the University of Chicago Law School, the University of Michigan Law School, the Wharton School of the University of Pennsylvania, the Council of Economic Advisers, and the Office of the Comptroller of the Currency.

While the technology underlying cryptocurrencies is new, the economics is centuries old. Oftentimes, lawmakers are so focused on understanding a new technological innovation that they fail to ask what exactly is being created. In this case, the new technology has recreated circulating private money in the form of stablecoins, which are similar to the banknotes that circulated in many countries during the nineteenth century. The implication is that stablecoin issuers are unregulated banks. Based on lessons learned from economic theory and financial history, we argue that circulating private money is not an effective medium of exchange because it is not always accepted at par and its issuers are vulnerable to destabilizing bank runs.

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Volume 90.3
In Defense of Chapter 11 for Mass Torts
Anthony J. Casey
Anthony J. Casey is the Donald M. Ephraim Professor of Law and Economics at the University of Chicago Law School, and Faculty Director of the Center on Law and Finance. In the interest of disclosure, Casey has worked as a consultant in one of the matters discussed in this Essay: Casey was retained by a law firm representing various plaintiffs with claims against 3M Company and its affiliates.
Joshua C. Macey
Joshua C. Macey is Assistant Professor at the University of Chicago Law School.

This research is funded by the Becker Friedman Institute at the University of Chicago. The Richard Weil Faculty Research Fund and the Paul H. Leffmann Fund also provided generous support. We thank Adam Badawi, Douglas Baird, Vince Buccola, Zach Clopton, Judge Robert Drain, Jared Elias, Michael Francus, Abbe Gluck, Brook Gotberg, William Hubbard, Alexandra Lahav, Jonathan Lipson, Jonathan Macey, Eric Posner, Adriana Robertson, Jonathan Seymour, Zenichi Shishido, Robert Stark, and Wataru Tanaka for helpful comments. We also thank Arielle Ambra-Juarez, Avery Broome, Ryan Fane, Rachel Kessler, Virginia Robinson, and Dania Siddiqi for their excellent research assistance.

This Essay argues that bankruptcy proceedings are well-suited to resolving mass tort claims. Mass tort cases create a collective action problem that encourages claimants who are worried about available recoveries to race to the courthouse to collect ahead of others. This race can destroy going concern value and lead to the dismemberment of valuable firms. Coordination among claimants is difficult as each one seeks to maximize its own recoveries. These are the very collective action and holdout problems that bankruptcy proceedings are designed to solve. As such, bankruptcy proceedings are appropriate means of resolving mass torts as long as they leave tort victims no worse off than they would have otherwise been.