The US Nuclear Regulatory Commission (NRC) oversees civilian use of nuclear materials. Its regulatory oversight encompasses four primary components: commercial electric-power generation reactors and research/test reactors; nuclear materials in medical, industrial, and academic settings; nuclear waste disposal; and nuclear safeguards and security. The NRC traces its beginnings to 1946 and the establishment of the Atomic Energy Act, which created the then Atomic Energy Commission. A five-member governing board of commissioners formulates policies and regulations regarding nuclear reactor and material safety, oversees licensees, and hears various legal matters. The agency's annual budget is just over $1 billion.