The whole concept behind regional development has evolved to some degree. We need to recognize that the implementation of the regional economic development agencies has subsidized businesses that could not make it on their own. It has created artificial competition between businesses that were in existence and new ones created across the street so that neither of them could succeed profitably. It has given industries an artificial cushion, because it has not required that the money that was given to them be paid back.
If we are to have regional development it should be done in a fair and open marketplace with competition. It ought to be done in manner such that all businesses know what is going on and they are all on a level playing field and competing fairly with one another and whatever money is given ought to be paid back with a reasonable rate of return.
These are precisely the kinds of things the Federal Business Development Bank was supposed to be doing in the past when it was the lender of last resort. If that kind of thing continues, if regional development agencies develop a flat playing field, create competition, and require the money to be paid back, then there is no reason they could not be rolled into one. The bankers' criteria of lending money could be applied and the whole business would run a lot better than it does at the present time. I suppose the end result of that statement is they could be rolled into one, but under certain conditions.