On July 19, 2023, the federal antitrust agencies—the US Department of Justice (DOJ) and the Federal Trade Commission (FTC)—released draft Merger Guidelines (dMGs) for public comment.1 Once these guidelines are finalized, they will be the official statement of US antitrust enforcement policy toward corporate mergers. This policy brief explains that the dMGs do not promote the rule of law, as prior merger guidelines did, because the dMGs fail to indicate which mergers will be challenged and which mergers will not be challenged.