(Bloomberg) -- Goldman Sachs Group Inc. must be careful about handing out record bonuses while the banking industry is still under distress to avoid spurring an outcry from Congress, U.S. Senator Mark Warner said.

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.

The Washington Times published an op-ed written by Senator Warner this weekend about his bipartisan legislation that strengthens oversight of the taxpayer investments in private companies such as General Motors, AIG and Citibank.