Here is the full text from Calvin's Commentary. I do not think any Presbyterian or Reformed would disagree.
What things soever you shall bind. He now repeats the same words which he had formerly used, (Matthew 16:19,) but in a different sense; for there he intended to maintain their authority in doctrine, but here he appoints discipline, which is an appendage to doctrine. There Christ declared that the preaching of the Gospel would not be without effect, but that the odor of it would either be life-giving or deadly, (2 Corinthians 2:15 :) here he affirms that, though wicked men ridicule the judgment of the Church, it will not be ineffectual. We must attend to this distinction, that there our Lord’s discourse relates to the preached word, but here to public censures and discipline. Let the reader go to that passage for the import of the metaphor, binding and loosin g. (561)
The substance of it is this: Whoever, after committing a crime, humbly confesses his fault, and entreats the Church to forgive him, is absolved not only by men, but by God himself; and, on the other hand, whoever treats with ridicule the reproofs and threatenings of the Church, if he is condemned by her, the decision which men have given will be ratified in heaven. If it be objected, that in this way God is made a sort of petty judge, who concurs in the sentence of mortal men, the reply is at hand. For when Christ maintains the authority of his Church, he does not diminish his own power or that of his Father, but, on the contrary, supports the majesty of his word. As in the former case (Matthew 16:19) he did not intend to confirm indiscriminately every kind of doctrine, but only that which had proceeded out of his mouth, so neither does he say in this place that every kind of decision will be approved and ratified, but only that in which he presides, and that too not only by his Spirit, but by his word. Hence it follows, that men do no injury to the authority of God, when they pronounce nothing but what comes from his mouth, and only endeavor faithfully to execute what he has commanded. For, though Christ alone is the Judge of the world, yet he chooses to have ministers to proclaim his word. (562) Besides, he wishes that his own decision should be pronounced by the Church; and thus he takes nothing from his own authority by employing the ministry of men, but it is Himself alone that looses and binds
But here a question arises. Since the Church endures many hypocrites, and likewise absolves (or looses) many whose professions of repentance are hypocritical, does it follow that such persons will be absolved (or loosed) in heaven? I reply, the discourse is addressed to those only who are truly and sincerely reconciled to the Church. For Christ, wishing to administer comfort to trembling consciences, and to relieve them from fear, declares that any who may have offended are freed from guilt in the sight of God, provided that they be reconciled to the Church For he has appointed this as the pledge of heavenly grace, which has no reference to hypocrites, who pervert the proper use of reconciliation, but awakens in the godly no ordinary confidence, when they hear that their sins are blotted out before God and angels, as soon as they have obtained forgiveness from the Church
In the other clause, Christ’s meaning is not at all ambiguous; for, since obstinate and haughty men are strongly inclined to despise the decision of the Church on this pretense, that they refuse to be subject to men — as wicked profligates often make bold appeals to the heavenly tribunal (563) — Christ, in order to subdue this obstinacy by terror, threatens that the condemnation, which is now despised by them, will be ratified in heaven. He encourages his followers, at the same time, to maintain proper severity, and not to yield to the wicked obstinacy of those who reject or shake off discipline. (564)
Hence, too, we may see how absurdly the Papists torture this passage to cloak every species of tyranny. That the right of excommunication is granted to the Church is certain, and is acknowledged by every person of sound judgment; but does it follow that any individual, even though not called by the Church, but elected (565) by a mitered and disguised beast, shall at his own caprice throw out the useless squibs of excommunications? (566) On the contrary, it is evident that the lawful government of the Church is committed to elders, and not only to the ministers of the word, but to those also who, taken from among the people, have been added to them for the superintendence of morals. And yet, not satisfied with this impudence, they endeavor even to prove from this passage that we must bear all the burdens which they shall impose. I do not mention that the power which has been granted to the Church is basely seized and carried off by those outrageous enemies of the Church; and I only mention that, since Christ speaks only about correcting offenders, those who by their laws ensnare souls are chargeable with not less folly than wickedness in abusing this passage. Of the same stamp is their defense of their auricular confession on this pretense; for if Christ intended that those who by their own fault had been brought even to a public sentence should be reconciled to the Church, he does not therefore lay an obligations (567) on every individual to pour his sins into the ear of the priest. But their fooleries are so ridiculous, that it is unnecessary to spend any longer time in refuting them.