Community Economic Adjustment Fund Act of 1990

Community Economic Adjustment Fund Act of 1990 - Establishes in the Treasury the Community Economic Adjustment Fund which shall consist of: (1) appropriations; and (2) payments from defense contractors.

Requires a defense contractor to make such a payment equal to 20 percent of the value of all Department of Defense (DOD) contracts held by it and performed at a plant or facility on the day before the contractor makes any change in the place of contract performance that results in the closing of, or severe curtailment of operations at, such plant or facility. Exempts the contractor from such a payment if the Secretary of Labor determines that the change is the direct result of the cancellation or termination of such contractor or the failure of the DOD to proceed with a previously approved major defense acquisition program.

Directs the Secretary to make grants from the Fund to local governments for community economic adjustment programs if they have been adversely affected by reduction in DOD spending, cancellation or termination of a DOD contract, or the failure to proceed with a previously approved major defense acquisition program. Sets forth grant priorities and requirements for set-asides for certain localities.

Authorizes appropriations.