A recent study by Keysar, Hayakawa, and An (2012) suggests that "thinking in a foreign language" may reduce decision biases because a foreign language provides a greater emotional distance than a native tongue. The possibility of such "disembodied" cognition is of great interest for theories of affect and cognition and for many other areas of psychological theory and practice, from clinical and forensic psychology to marketing, but first this claim needs to be properly evaluated. The purpose of this review is to examine the findings of clinical, introspective, cognitive, psychophysiological, and neuroimaging studies of affective processing in bilingual speakers in order to identify converging patterns of results, to evaluate the claim about "disembodied cognition," and to outline directions for future inquiry. The findings to date reveal two interrelated processing effects. First-language (L1) advantage refers to increased automaticity of affective processing in the L1 and heightened electrodermal reactivity to L1 emotion-laden words. Second-language (L2) advantage refers to decreased automaticity of affective processing in the L2, which reduces interference effects and lowers electrodermal reactivity to negative emotional stimuli. The differences in L1 and L2 affective processing suggest that in some bilingual speakers, in particular late bilinguals and foreign language users, respective languages may be differentially embodied, with the later learned language processed semantically but not affectively. This difference accounts for the reduction of framing biases in L2 processing in the study by Keysar et al. (2012). The follow-up discussion identifies the limits of the findings to date in terms of participant populations, levels of processing, and types of stimuli, puts forth alternative explanations of the documented effects, and articulates predictions to be tested in future research.