An enduring and controversial debate centers on whether there exist “two presidencies,” that is, whether presidents exercise fundamentally greater influence over foreign than domestic affairs. This paper makes two contributions to understanding this issue and, by extension, presidential power more generally. First, we distill an institutional logic that both supports the two presidencies thesis and implies that Congress has incentives to delegate foreign policy powers to the president. Accordingly, the logic suggests that empirical analysis should incorporate these incentives. Our second contribution, then, is to test for the existence of two presidencies in a domain that Congress cannot delegate, budgetary appropriations, and a domain that explicitly incorporates delegation, agency creation. Consistent with expectations, we find presidents exercise considerably greater influence over foreign policy.