If this trend continues. and it will without congressional action. the District banks will unquestionably play a greatly diminished role in the banking competition in this area and any plans for loans for large scale urban development and improvement will be forgotten. If the District economy is to be revitalized and it must. large commercial credit will be needed. But. with the immigration rate from the District remaining as high as it is and the tendency to bank at home. the deposits in the District banks will steadily decrease. restricting the credit outflow. It is my conclusion therefore that the current banking laws which restrict the District of Columbia banks to an area of 61 square miles do now interfere with and retard the orderly development of the area. As we look to the future. the impact of this restriction will bear heavily on the District.
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immigration