What factors explain U.S. participation in multilateral forums that govern finance? Current literature misses the key features of the Federal Reserve, Treasury, and Congress that result in their distinct manners of support for various multilateral arrangements. I revisit the archival record and apply a new understanding to American participation in the Bank for International Settlements (BIS) and Basel Committee on Banking Supervision (BCBS) as the financial regime has evolved since the collapse of fixed parity in the IMF after 1971. I thus explain the puzzle of American ambivalence through an exploration of the fragmented U.S. regulatory system, which inhibits the United States from acting as a unitary, lead actor of multilateral negotiations. Hence, American coordination must take place both domestically and internationally for an agreement to emerge.
