Independent regulatory commissions are plural-headed agencies that engage in the regulation of private economic activities, such as stock markets, banks, or labor—management relations. Examples include the Securities and Exchange Commission, the Federal Reserve Board, the National Labor Relations Board, and the Nuclear Regulatory Commission. Appointed by the president for fixed, staggered terms of office, only a majority of a commission’s members can come from the same political party. Unlike department secretaries, who serve for “the time being” and can be fired by the president whenever he or she chooses, regulatory commissioners can be removed only for such specified causes as malfeasance, inefficiency, and neglect of duties.