Well, yes, to a degree, to be labeled Bourbon it must contain at least 51% corn, distilled to a max proof of 160, diluted to a barreling proof of 125 and aged only in new charred oak casks. If it's aged two years or more it can be labeled Straight Bourbon but must carry an age statement if it is bottled at less than 4 years old.
Like the German beer law it only guarantees a formula, not an outcome.