The panel that oversaw a two-year ethics inquiry into Representative Charles B. Rangel’s conduct recommended that the Harlem congressman be punished with a reprimand, rather than a more serious censure or expulsion from office, the chairman of the panel said Friday.

The recommendation appears to be carrying significant weight with the full 10-member House ethics committee, which will decide Mr. Rangel’s fate. On Friday, the full committee spent hours behind closed doors debating whether to agree to a settlement that would require the congressman, a Democrat, to admit to wrongdoing in exchange for receiving a reprimand and avoiding a public trial on his conduct.

A reprimand is considered a moderate punishment, more serious than the minor sanction of admonishment but not especially severe: members including Newt Gingrich, the former House speaker, and Barney Frank have received reprimands.

Word of the panel’s recommendation came on the same day that Congressional officials said that Representative Maxine Waters, Democrat of California, would face ethics charges that are expected to be announced next week.