The Securities and Exchange Commission suggested during a meeting today that had its plans for a new financial reporting system been implemented earlier, they could have provided more transparency during the financial market meltdown.

Before a two-panel roundtable began this morning, SEC Chairman Christopher Cox blamed the hidden credit risks in illiquid financial instruments and off-balance sheet entities for contributing to the avalanche of troubled-bank problems. "The current credit crisis has shown the importance of transparency in the marketplace," he said before introducing the roundtable that has been scheduled since at least August.