C-Span explains what happens next:
The matter now moves to the full Ethics Committee which would then hold a public sanctions hearing to determine the appropriate punishment for Rep. Rangel. If a violation is found, the Ethics Committee would vote on disciplinary measures and send a final report to the full House to take action.
ABC News on possible sanctions:
Possible sanctions range from expulsion -- considered highly unlikely -- to reprimand, censure or a monetary fine. According to House ethics rules, a reprimand is reserved for a "serious violation;" censure is for "more serious violations."
Of course expulsion is highly unlikely, the House is still controlled by Democrats and Nancy Pelosi until the new GOP majority takes over next year.
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