 Rapid growth led to financial turmoil, and inefficiencies in the town government resulted in the adoption of a new nonpartisan Council-Manager form of government under the 1923 Municipal Manager Law in a referendum on September 16, 1930.A full-time Town Manager, Paul A. Volcker, Sr. (father of future Chairman of the Federal Reserve Paul A. Volcker, Jr.), was appointed to handle Teaneck's day-to-day business affairs.During his 20-year term, from 1930 to 1950, Volcker implemented prudent financial management practices, a development plan that included comprehensive zoning regulations, along with a civil service system for municipal employees and a professional fire department.