WASHINGTON (MarketWatch) - House Financial Services Committee Chairman Barney Frank, D-Mass., said he backs legislation introduced by Rep. Ron Paul, R-Texas, that would require the Government Accountability Office to audit how the Federal Reserve implements monetary policy and examines every aspect of the Fed, including how much it has lent and will lend to specific banks as part of its bank bailout program. "We are serious about some legislation in this regard," said Frank at a hearing on Paul's bill. "I have some concerns, some time needs to elapse before certain disclosures take place, we are working together; we want there to be publicity but we don't want there to be a market effect in the near term." The legislation introduced by Paul, which requires approval by the House Financial Service Committee before it comes to a vote by the full House, has 295 supporters in the House.