"We were instructed not to take a position," said former Federal Reserve Chairman Paul Volcker, who chaired the panel, adding that the suggestions will help inform tax writers about certain reform proposals when creating legislation.
However, Volcker did not rule out the committee taking further action on corporate tax reform.
"We'll have to consider whether we want to do something on our own in that area," he said.
Board member Jim Owens seconded the idea.
"I hope we'll come back and take a deeper look, including maybe with recommendations for some of those corporate tax issues," he said. "I think it's a quagmire."
One point raised before the vote was that the corporate tax was high compared to other countries while U.S. multinationals generated very little revenue for the government.
Board member Laura Tyson also stressed that the "tax gap," which shows the difference between tax owed and what is actually paid, needs to be updated.
"Measures we have go back nearly a decade," she said. "Imagine running a company where you don't have information about your account receivables that are up to date for more than a decade."
The reform suggestions submitted to Obama also will not include any tax increases for individuals earning less than $200,000 and couples making less than $250,000.