When was the Agency established? January 19, 1975.
The Nuclear Regulatory Commision was established after the Atomic Energy Commision was abolished in 1974. The AEC's regulatory programs sought to ensure public health and safety from the hazards of nuclear power without imposing excessive requirements that would inhibit the growth of the industry. This was a difficult goal to achieve, especially in a new industry, and within a short time the AEC's programs stirred considerable controversy.
Duties & Responsibilities: The NRC published standards that were intended to provide an ample margin of safety from radiation that was generated by the activities of its licensees.
What happens incase of a market failure: The NRC provides information and discourage externalities of third party nuclear disasters.
Current Issues of the NRC: The Nuclear Regulatory Commision is currently investigating a situation at the Byron Nuclear Plant in Illinois which got in trouble for actively knowing about a corroded steel pipe in the circulation process to the cooling equipment. Such use of material could lead to plant disaster and potential deaths.
Nuclear Regulatory Commision