As expected, the U.S. House of Representatives is preparing to eliminate funds the Obama Administration is requesting for additional investment advisor examiners for the coming federal budget year beginning October 1 as it did for the current cycle.

In a draft bill likely to be approved Wednesday, the House Financial Services Appropriations Subcommittee is poised to approve Fiscal 2015 spending for the Securities and Exchange Commission at $1.4 billion, slightly above the 2014 figure of $1.35 billion and virtually eliminating the hike to $1.7 billion the President is seeking.

The lion’s share of the rise in the Obama SEC budget is aimed at hiring roughly 250 more examiners to boost the agency’s annual exam rate of advisors beyond 9 percent.

In each of the three budget years since Republicans have taken control of the House, they have successfully pared back Obama hikes for the SEC despite the agency’s plea it has much more work to do because of added responsibilities from the Dodd-Frank Act, including oversight of private fund advisors.