Kanjorski warns of market dive if reform bill fails

Congressman Paul Kanjorski (D-11) says the stakes are high and the consequences grave if Congress can’t muster the votes to pass the financial reform legislation that’s in reopened conference committee negotiations.

“What happens in this country if this bill fails?” Kanjorski asked Wednesday on CNBC. “If you think 236 points down on the Dow is surprising? Check 1,000 or 2,000 points if we fail to change the ways that caused this problem.”

Kanjorski is on the conference committee trying to reconcile the two reform bills passed by the House and Senate.

See video of his comments below.