S 2021
101th Congress
Senate
Finance and Financial Sector
Bank directors
Bank failures
Bankruptcy
Compensation for victims of crime
Damages
Debtor and creditor
Fraud
Insurance
Real property
Savings and loan associations
Trusts and trustees
Taxpayer Recovery Act of 1990
Introduced: January 24, 1990
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 6, 1990
Referred to Subcommittee on Courts and Administrative Practice.
Jan 24, 1990
Read twice and referred to the Committee on Judiciary.
Jan 24, 1990
Introduced in Senate
Plain-English summary
Taxpayer Recovery Act of 1990 - Amends the Federal bankruptcy code to exempt from a bankruptcy discharge: (1) a criminal restitution order issued against a person who has caused loss to a financial institution; (2) an order for damages arising from fraud or reckless disregard for the law involving a financial institution; and (3) judgments obtained by the FDIC against officers and directors for breach of fiduciary duty.
Extends from 60 to 120 days the time during which an objection to a discharge in bankruptcy petition may be filed.
Restricts to $7,500 the amount of real estate or insurance assets which may be shielded under the homestead exemption to the bankruptcy code.
What's happening now
Referred to Subcommittee on Courts and Administrative Practice.
Committees of jurisdiction
2