The Republican-controlled House passed a budget Wednesday that bars the Securities and Exchange Commission from imposing a fiduciary standard on broker-dealers during the federal fiscal year beginning October 1.

The language, which also bans spending to write and adopt broker-dealer fiduciary rules, was approved in an amendment by voice vote. The House-approved budget now awaits action by the full Senate.

As passed, the House budget would give the agency $1.4 billion for the next year, roughly what it is allowed to spend.

President Obama had requested an additional $300 million, most of which was targeted for increasing the number of investment advisor examiners by 250 so that more advisors could be examined. Currently, only about 9 percent of advisors are reviewed a year.

A Senate subcommittee has approved the Obama request.

Expectations are that the SEC will start the new federal year with the same funding it has now.

Recently, Democratic SEC Commissioner Luis Aguilar told Financial Advisor Magazine the chances for the agency to impose a fiduciary obligation on brokers are “dead.”

After the House budget vote, SEC Chairman Mary Jo White released the following statement:

“I have deep concerns that the level of funding under the House Appropriations bill will harm America’s investors by forcing the agency to limit its enforcement, examination and regulatory activities precisely at a time that the SEC should be building additional expertise and developing new technologies to better oversee our rapidly changing markets. And, it is important to keep in mind that the SEC’s budget request neither increases the deficit nor takes resources away from other federal priorities.”