The Commodities Futures Trading Commission voted 2-1 on June 4 for a proposed rule to make permanent a de minimis threshold exemption for financial institutions for swaps registration at $8 billion. The rule would also exempt swaps accompanying loans made by insured depository institutions. Supporters of the move said it would allow small and regional banks to serve customers without unnecessary regulation and compliance costs. "The data shows quite clearly that a drop in the de minimis definition from $8 billion to $3 billion would not have an appreciable impact on coverage of the marketplace. In fact, any impact would be less than one percent – an amount that is truly de minimis," CFTC Chairman J. Christopher Giancarlo said in his opening remarks. The one "no" vote came from Rostin Behnam, the only current Democratic commissioner, who said in a statement of dissent that it would "redefine swap dealing activity absent meaningful collaboration with the SEC" and "may signify the Commission's willingness to exploit the de minimis exception to undermine the swap dealer definition and circumvent Congressional intent" under Dodd-Frank. The threshold was scheduled to drop to $3 billion when the extended registration rule phase-in period ends on December 31.