Severity 4 — Severe💰 economy1989

FIRREA — The Taxpayer Bill for the S&L Crisis Comes Due

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 created the Resolution Trust Corporation to liquidate hundreds of failed savings and loans and committed federal funds to make depositors whole — the bill for a crisis caused by deregulation enacted seven years earlier. The final taxpayer cost is estimated at $124–132 billion.

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George H. W. Bush — Republican Party

In power 1989–1993

Source

International Banker — The Savings and Loan Crisis (1989)

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