The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.By Marc Chandler NEW YORK ( TheStreet) -- U.S. national elections are 13 months away and not coincidentally, the Congress is looking at a new measures to encourage China to re-value the yuan. While there is little doubt that the yuan in under-valued, though reasonable people may differ on the magnitude, politics more than economics appears to be the driving force. The most important threats to U.S. prosperity lies within its borders. The de-leveraging of the household sector, the continued depression in the housing market, and extreme divergence between wages and salaries on one hand and profits on the other hand are not the result of the misalignment in the currency markets. However, that message may not resonate with American voters as much as much as blaming China. Even Federal Reserve Chairman Bernanke yesterday said that China's under-valued yuan was damaging prospects for the global recovery. This is not the first time such a measure is being considered. It seeks to shift the focus from current legislation that is about countries that manipulate their currencies for trade advantage to misalignment of currencies. The bill would make it easier for U.S. businesses to seek redress from countries that have misaligned currencies. The bill's prospects are better in the Senate than the House of Representatives, especially after the amendment from Senate Republicans to prevent unilateral US action, by working with the WTO and IMF. However, Speaker of the House of Representatives John Boehner has called the bill "pretty dangerous" and it is possible that the Republican controlled House does not even bring it up for a vote. Ironically, it seems that although the House and Senate appear largely, but not exclusively, divided along party lines on the issue, the Democratic administration does not appear particularly supportive, though it has tried to maintain neutrality. Yet, Obama has been criticized for being "soft" on China following his decision not to sell Taiwan new F16 fighter planes. It is bad economics in the sense that it exaggerates the role of China. For example, a recent San Francisco Fed study found only 2.7% of US consumer purchases are made in China. Of that figure, a little less than half represents China-produced content.