[1] Its stated purpose was to "plan for the organization of the economic life of the country and the financial resources of the government".

The first chairman was Valerian Osinsky and with Bukharin, Georgy Oppokov (Lomov), Milyutin, Sokolnikov, and Vasili Schmidt also appointed to the council.

Departments within the functional sector dealt with decisions relating to finance, planning, economic policy, and research and development.

Heads of all the departments in this sector formed the council of the all-union VSNKh together with representatives from the union republics.

Vesenkha was reestablished by Nikita Khrushchev when he introduced decentralization of the management of industry by means of sovnarkhozes.