Throughout the 1970s and early 1980s, the U.S. Nuclear Regulatory Commission's (NRC's) thermal-hydraulic research program enjoyed ample finding, sponsored extensive experimental and analytical development programs, and attracted worldwide expertise. With the completion of the major experimental programs and with the promulgation of the revised emergency core-cooling system rule, both the finding and prominence of thermal-hydraulic research at the NRC have declined in recent years. This has led justifiably to the concern by some that the program may no longer have the minimal elements needed to maintain both expertise and world-class status. The purpose of this article is to describe the NRC's current thermal-hydraulic research program and to show how this program ensures maintenance of a viable, robust research effort and retention of needed expertise and international leadership.