Much-heralded changes to US financial regulations are set for a significant rewrite in the Senate, as lawmakers weigh up alternatives to the Treasury's plan, according to one Congressional critic.

Senator Warner appeared on CNBC today, to talk about his op-ed calling for a single banking regulator. He also talks about his hopes of seeing a health care bill that creates a "competitive alternative" that helps drive down costs. Here is the interview:

In an op-ed published in the Financial Times this morning, Senator Warner argues for a single regulator to be in charge of overseeing the banking industry.

Financial Times Op-Ed: In recent weeks our financial markets have shown signs of recovery thanks to unprecedented action to stabilise markets and stimulate the economy. Yet this crisis has many distressing qualities. Perhaps most dispiriting is the sense that we have seen this movie before, and it wasn’t very good the first time, either.

Senator Warner introduced bipartisan legislation today with Tennessee Senator Bob Corker that would allow the Federal Deposit Insurance Corporation (FDIC) to takeover and "wind down" banks owned by larger financial firms known as bank holding companies.

Senator Warner announced yesterday that the U.S. Department of Housing and Urban Developmen (HUD) has approved $44.2 million to jumpstart affordable rental housing programs in Virginia.

General Motors Corp. emerged from bankruptcy court earlier this month as a leaner and more focused company, and American taxpayers woke up as the owners of 61 percent of this "new GM."