Happening right now: the House Ways and Means Committee is, at this moment, holding a contentious hearing on an amendment to H.R.2378, a bill to address China's currency manipulation.  EDITOR'S NOTE: The Ways and Means page for this hearing cites the Alliance for American Manufacturing (AAM) as a supporter of the bill. Committee Chairman--Rep. Levin (D-MI): China currency manipulation is "a significant factor" in unbalanced trade with China and U.S. job loss. Rep. Rangel (D-NY): Cites support for the bill from U.S. manufacturers, including from "the Alliance for American Manufacturing." Rep. Brady (R-TX): This is a partisan issue.  He will make a vote based on the jobs involved in his district.  EDITOR'S NOTE: According to an EPI analysis of BLS data, Rep. Brady's district has lost 5,000 jobs due to unbalanced trade with China since 2001.  The state of Texas has lost roughly 193,200 jobs in that time. Hearing witness Jason Kearns, Trade Counsel, Committee on Ways and Means says of the billl under consideration, it is a "market-based solution." Rep. Herger (R-CA): Says that there are a number of impediments to U.S. trade with China, aside from just the undervaluation of the Yuan. Rep. Boustany (R-LA): Expresses concern about the language in the bill regarding who interprets "substantial undervaluation" of a currency.  Says he's inclined to vote against bill due to technical wording. Rep. Camp (R-MI): Introduces amendment on possible GAO monitoring of the legislation-- need to see the net effects on parts of the U.S. economy that depend on imports. Chairman Levin: Mentions problem of counterfeited and dumped goods as example of net effects on U.S. economy. AMENDMENT VOTE: The nays have it.  Camp Amendment defeated. FINAL COMMITTEE VOTE: THE AMENDMENT PASSES.  The bill will move to the House floor.