It all gets highly complicated when a person attempts to separate the Federal Reserve Board from the U.S. Treasury Dept. and the BEP.... They are not at all the same thing, not unlike the CIA, FBI, and the military, or the Executive,Legislative and Judicial branches of the government.
While the "This was done to save money / cost of production" may be the official response, and may be completely honest and logical, our government has track record of initiatives for ulterior motives.... once things degenerate or complicate themselves to the point of losing transparency, money can be siphoned and funneled to just about anywhere at anytime.... God only knows for sure how much money is actually outstanding.
The Chairman of the Federal Reserve Board is subordinate to no one.... Remember Alan Greenspan? He was arguably the most powerful man in the world, and all anyone could do was to trust him.