Overnight Finance: Dem seeks Treasury probe into Trump, Russia | Koch-backed group floats border tax alternatives | Feds raid Caterpillar’s offices | Jobless claims near four decade low

Senate Dem calls for Treasury probe into Trump business ties to Russia: The top Democrat on the Senate Banking Committee called on the Treasury Department Thursday to investigate whether President Trump’s business empire violates international financial sanctions and terrorism funding laws.

Sen. Sherrod Brown (D-Ohio) claimed in a Thursday letter to Treasury Secretary Steven Mnuchin that Trump’s refusal to divest from the Trump Organization could expose him to money laundering, illicit finance and sanctions violations.

Brown said Mnuchin should ask Trump for a list of his company’s “investors, business partners, politically exposed persons and related actors.”

“President Trump’s refusal to disclose his business dealings makes it unclear whether he and his family may be exposed to terrorist financing, sanctions, or money laundering risks through their relationships with investors and associates from Russia and other nations,” Brown said. I have more here: http://bit.ly/2ljw1qi.

Jobless claims fall to nearly a 44-year low: Americans filed the fewest claims for jobless benefits in nearly 44 years last week, a sign that employers are hanging on to workers as the labor market tightens.

First-time claims for unemployment benefits for the week ending Feb. 25 decreased 19,000 to a seasonally adjusted 223,000, the lowest level since March 31, 1973, the Labor Department reported on Thursday.

{mosads}The four-week moving average, which is a less volatile measure of the job market’s health, fell 6,250 to 234,250, the lowest level since April 14, 1973, when it was 232,750.

A Moody’s Analytics note on the report said that “initial claims are too good to be true.” The Hill’s Vicki Needham tells us why: http://bit.ly/2ljEeLh.

Trump trade policy pulls away from WTO: The Trump administration says it may ignore decisions by the World Trade Organization that it views as threatening to U.S. sovereignty, according to a new report.

The White House’s aggressive new policy is aimed at broadening the ability of the U.S. to unilaterally punish countries they argue are violating international trade laws, according to the 2017 trade agenda sent to Congress by the Office of the U.S. Trade Representative.

The report says that the U.S. will resist “efforts by other countries — or international bodies like the World Trade Organization — to weaken the right and benefits of, or increase the obligations under, the various trade agreements to which the United States is a party.” http://bit.ly/2ljAqJZ.

Happy Thursday and welcome to Overnight Finance. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight’s highlights include a federal raid, border adjustment replacements, and news on the defense appropriations bill.

See something I missed? Let me know at slane@digital-release.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Feds raid Caterpillar offices in Illinois: Federal law enforcement officials raided Illinois facilities owned by construction machinery company Caterpillar on Thursday, according to multiple reports.

Caterpillar confirmed to CNBC that the company is cooperating with a search warrant targeting several of the company’s buildings, including its Peoria, Ill., headquarters.

The investigation involves three federal agencies: the Internal Revenue Service, the Federal Deposit Insurance Corporation and the Commerce Department’s Bureau of Industry and Security Office of Export Enforcement, according to Crain’s Chicago Business. Here’s more from me: http://bit.ly/2ljEBp2.

Koch-backed group floats alternatives to GOP border tax proposal: A free-market group backed by Charles and David Koch, the Republican mega-donor brothers, released a list of spending and tax changes that could be alternatives to the House Republicans’ border-adjustment proposal.

The list from Americans for Prosperity (AFP) comes as the House proposal faces tough odds of passing the Senate.

The border-adjustment proposal, which would tax imports and exempt exports, is a key part of the House Republicans’ tax reform plan in part because it could raise more than $1 trillion in revenue over 10 years. Congressional GOP leaders have said that they do not want tax reform to increase the deficit. The Hill’s Naomi Jagoda reports: http://bit.ly/2ljyQru.

House to vote on $578B defense spending bill for 2017: House appropriators on Thursday introduced a $577.9 billion fiscal 2017 defense spending bill in hopes of passing it quickly so that lawmakers can tackle a pending supplemental funding request and the fiscal 2018 budget.

“The singular most important duty of Congress is to provide for our nation’s defense, and the rebuilding of our nation’s military starts with this bill,” House Appropriations Committee Chairman Rodney Frelinghuysen (R-N.J.) said in a statement. “This legislation provides responsible funding to ensure that our troops have the resources they need to remain the very best in the world, and to fulfill the mission of protecting our country and our way of life.”

The bill, which is expected to be voted on in the House next week, would split the funding between $516.1 billion for base budget needs and $61.8 billion for a war fund known as the Overseas Contingency Operations (OCO) account. The Hill’s Rebecca Kheel explains: http://bit.ly/2ljANUT.

Interim SEC chief’s plans: From Bloomberg: “Republican economist Michael Piwowar plans to use his role as interim leader of Wall Street’s top regulator to lay the groundwork for revamping financial industry rules, possibly including those governing the stock market and corporate disclosures.

“A week after being named acting chairman of the Securities and Exchange Commission, Piwowar said in an interview he might direct SEC staff to review regulations he thinks are too restrictive, which could be the first step toward changing them. Piwowar, 48, an SEC commissioner since 2013, said he has no intention of simply being a placeholder and will ensure agency work moves forward.” http://bloom.bg/2ljyotb.

Write us with tips, suggestions and news: slane@digital-release.thehill.com, vneedham@digital-release.thehill.com, and njagoda@digital-release.thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill and @NJagoda.