Adopting the Rules of the House of Representatives for the One Hundred Eighteenth Congress, and for other purposes.

What H.Res. 5 does, in plain terms

This resolution establishes the rules of the House of Representatives for the 118th Congress by adopting and modifying the rules from the 117th Congress; it also adopts other procedural orders. Specific changes include permitting a single Member to call for a vote to remove the Speaker; prohibiting consideration of legislation that increases without offsetting mandatory spending in set budget windows; eliminating the Gephardt rule, which provides for the automatic passage of a joint resolution to suspend the debt ceiling upon passage of a concurrent resolution on the budget; requiring a three-fifths majority of House Members to approve tax rate increases; reinstating the Holman rule, which allows for the termination of or a salary deduction for a federal official or cuts to a specific program through amendments to appropriations bills; nullifying regulations that extend collective bargaining rights to certain congressional employees; and requiring that sponsors identify the single subject that each bill focuses on. The resolution further acts as a special rule for particular legislation, including bills that address (1) Internal Revenue Service funding, (2) sales from the Strategic Petroleum Reserve to China, and (3) establishing committees to investigate U.S.-Chinese competition and the weaponization of the federal government. The Congressional Budget Office must include in its cost estimates for major legislation macroeconomic effects (e.g., changes in economic output and employment). The resolution also establishes new and reauthorizes and modifies existing commissions, offices, and committees.

Official summary by the Congressional Research Service, via Congress.gov.