The House Appropriations Committee has proposed a fiscal 2014 budget for the Securities and Exchange Commission that has no room for President Obama’s request for 250 more financial advisor examiners.

For the budget cycle beginning October 1, the committee is asking the full House for (and will probably get) SEC authority to spend $1.371 billion versus the President’s sought $1.674 billion. The House number is nearly identical to what the SEC received this year.

Most of the Obama increase would have gone for the financial advisor examiner increase that the agency said is needed because only 8 percent of advisors are inspected each year and 40 percent have never had an examination.

The Senate Appropriations Committee has not come up with its own SEC budget.

What is most likely to happen is that Congress will keep the current SEC spending rate in place for several months into the new fiscal year and then a compromise will be reached between the House and the Obama figures.

However, this pattern, which was operative for the first years of the Obama presidency, was interrupted last year when the sequester led to the SEC getting $50 million less in 2013 than it did in 2012.