We examine the carbon balance of North American wetlands by reviewing and synthesizing the published literature and soil databases.  North American wetlands contain about 220 Pg C, most of which is in peat.  They are a small to moderate carbon sink of about 49 Tg C yr^-1, although this estimate has high uncertainty, with the largest unknown being the role of carbon sequestration by sedimentation in freshwater mineral-soil wetlands.  We estimate that North American wetlands emit 9 Tg methane (CH₄) yr^-1, although this estimate is also highly uncertain.  With the exception of estuarine wetlands, CH₄ emissions from wetlands may largely offset any positive benefits of carbon sequestration in soils and plants in terms of climate forcing.  Historically, the destruction of wetlands through land-use changes has had the largest effects on the carbon fluxes and consequent radiative forcing of North American wetlands.  The primary effects have been a reduction in their ability to sequester carbon (a small to moderate increase in radiative forcing), oxidation of their soil carbon reserves upon drainage (a small increase in radiative forcing), and reduction in CH₄ emissions (a small to large decrease in radiative forcing).