McCarthy received 216 votes to win the House speakership after 15 rounds of votes this week to rally a majority of Republicans shortly after midnight on Saturday.
"There is nothing more important than making it possible for American families to live and enjoy the lives they deserve. That is why we commit to stop wasteful Washington spending, to lower the price of groceries, gas, cars, housing and stop the rising national debt," he said at the House session.
The politician also said that the House would "address America's long-term challenges, the debt, the rise of the Chinese Communist Party" and that the US Congress "must speak with one voice on both of these issues."
McCarthy added that the House was also planning to create a bipartisan select committee on China "to investigate how to bring back the hundreds of thousands of jobs that went to China."
The House met on Tuesday in its first session of the 118th Congress, during which the majority party typically elects a speaker. However, opposition by a number of Republicans over the course of over a dozen ballots blocked McCarthy's leadership bid for nearly four days.
The situation marked the first time in a century that the House failed to elect a speaker on the first ballot, and the first time since 1859 the chamber took more than 10 ballots to come to a conclusion.
House lawmakers were unable to be sworn into office prior to the election of a speaker, preventing them from moving forth with other business, such as the formation of committees and staff.