OMB: Obama would veto GOP's anti-slush fund bill

President Obama would veto a Republican bill aimed at blocking Democratic-backed groups from receiving the proceeds of Department of Justice settlements, according to the Office of Management and Budget.

In a statement, OMB stated the House-passed H.R. 5063 is "unnecessary and would harm the public interest" because "this legislation would interfere with the just and fair settlement of cases."

Rep. Bob Goodlatte, R-Va., and 32 co-sponsors have argued the bill is needed because without it, Justice Department officials can agree to deals that let companies spend less money on settlements if they essentially donate money to certain groups, often affiliated with Democrats. The lawmaker drafted the legislation after Bank of America was able to wipe $225 million off its $16.6 billion settlement with the Justice Department by donating $100 million to liberal-affiliated nonprofits and legal groups.

But OMB said there is no problem to fix.