This is simply not true, unless you mean the interest on the national debt, which we would pay no matter what kind of money we had. All earnings of the Federal Reserve above and beyond expenses go to the U.S. Treasury.
Yes it is true. The government only pays hundreds of billions of dollars in interest, much to the Federal Reserve who returns only about $20 billion to the US Treasury each year. That money pays ALL the expenses of the Federal Reserve, which has accumulated property of worth roughly half a trillion dollars. Our government completely subsidies the banking system, and the Federal Reserve has zero incentives to reduce their cost of operations.