House Republicans trampled hopes Wednesday of the Securities and Exchange Commission for an additional 250 financial advisor examiners in the coming year.

The “no” came as the full House Appropriations Committee approved SEC spending for the next budget cycle beginning October 1 that deletes the Obama Administration’s request for additional money that would have increased the annual exam rate of advisors beyond the current 9 percent.

The Investment Adviser Association is supporting the President’s request, while Financial Services Institute Senior Vice President Chris Paulitz said the extra staff sought would not be enough to provide for regular advisor exams.

In reaction to the House committee’s action, Kevin Carroll, managing director of the Securities Industry and Financial Markets Association, said registered investment advisors are grossly underexamined. “Sifma supports a greater frequency of exams for the protection of investors. We do not believe, however, that SEC funding and headcount will ultimately prove to be the long-term solution to this important issue.”

The House committee’s vote of $1.4 billion for the agency’s budget for fiscal 2015, which begins October 1, came the day after the Senate Appropriations Financial Services Subcommittee OK’d the full Obama-sought $1.7 billion for the SEC, which would allow the agency to hire the extra examiners.

The agency is receiving $1.35 billion this year.

Republicans see holding back the SEC’s spending as an indirect way of attacking the Dodd-Frank act, which they have not had the votes to fully or partially repeal.

They have also attacked a proposed advisor fee to pay for more advisor examiners as a “tax.”

During Wednesday’s session, House Financial Services Subcommittee Chair Ander Crenshaw of Florida contended, “The SEC is not starved for resources. We can’t buy a better regulator.”