He was the first president elected democratically in 29 years. In the first years of his government, he concentrated his efforts on reducing inflation. His measures against inflation were very radical: he confiscated all the population´s savings: "no money, no inflation" was his motto. Obviously, it did not work.
In 1992, his own brother, Pedro Collor, denounced him for a very well sold weekly newsmagazine, and the congress (and the press) found evidence of massive personal corruption. There were population riots and civil disorder in the main cities of Brazil. In October, the congress voted to suspend him. An impeachment process was going on in the senate, but Collor resigned in December 29, 1992.
He was succeeded by his vice president, Itamar Franco. In December, 1994, he was acquitted of the corruption charges by the Brazilian supreme court, but he remained barred from public office for 8 years.
He tried to run for mayor in São Paulo, but he was not successful. Most of the population still identifies him with corruption. In 2002, he ran for governor in his home state, Alagoas, but he lost again. His political future was uncertain by 2003.