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.
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.
Referred to the Subcommittee on Economic and Commercial Law.
Introduced in Senate
Read twice and referred to the Committee on Judiciary.
Referred to Subcommittee on Courts and Administrative Practice.
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