The Terrorism Financing Prevention Act What happened? Last week, U.S. Senators Mitt Romney (R-UT), Mark R. Warner (D-VA), Mike Rounds (R-SD), and Jack Reed (D-RI) introduced the Terrorism Financing Prevention Act. The act would require the U.S. Department of the Treasury to identify any foreign financial institution or “foreign digital asset transaction facilitator” that knowingly supports transactions with a foreign terrorist organization (FTO) or any FTO-related party. Once these actors are identified, the bill would direct the President to impose sanctions on those foreign financial institutions and facilitators.