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S 2021 101th Congress Senate

Taxpayer Recovery Act of 1990

Official title: A bill to amend title 11, United States Code, to ensure that the bankruptcy laws are not used to prevent restitution to, or recovery of, failed financial institutions.

Introduced: January 24, 1990 See on congress.gov
Finance and Financial Sector Bank directorsBank failuresBankruptcyCompensation for victims of crime
More subjectsShow fewer subjects
DamagesDebtor and creditorFraudInsuranceReal propertySavings and loan associationsTrusts and trustees
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This bill died when the 101st Congress ended
It never became law before the 101st Congress (1989–1990) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action February 6, 1990

Referred to Subcommittee on Courts and Administrative Practice.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 1
  • HR 3982 Identical bill Taxpayer Recovery Act of 1990
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 2
R
McConnell, Mitch
Kentucky · Jun 6, 1990
 R
Grassley, Chuck
Iowa · Jan 24, 1990
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2021: Taxpayer Recovery Act of 1990. 101st Congress. Open America. https://openamerica.io/bill/101-S-2021/
MLA
"S. 2021: Taxpayer Recovery Act of 1990." 101st Congress, 2026, Open America, https://openamerica.io/bill/101-S-2021/.
Bluebook (legal)
S. 2021, 101st Cong. (2026), https://openamerica.io/bill/101-S-2021/.
Markdown link
[S. 2021: Taxpayer Recovery Act of 1990](https://openamerica.io/bill/101-S-2021/)
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