The rule of law is central to a just and efficient legal system. The federal antitrust enforcement agencies — the Department of Justice and Federal Trade Commission — have promoted the rule of law through merger guidelines. But they do not do so in the new draft merger guidelines, released on July 19. Robert A. Stein explained that, in particular, “The law must be known and predictable so that persons will know the consequences of their actions.” Antitrust law on mergers has been known and predictable largely due to agency guidelines. Past agency guidelines did a reasonable job of identifying which mergers were challenged and, critically, which mergers were not challenged. The draft
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