PRESS DIGEST - Washington Post Business - May 27

WASHINGTON, May 26 (Reuters) - The Washington Post included the following items on the front page of its business section on May 27.

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WASHINGTON - In the two months since the government rescue of Bear Stearns BSC.N, the Federal Reserve has built on the fly a new system of monitoring investment banks, radically redefining the central bank's role overseeing Wall Street.

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WASHINGTON - Emergent BioSolutions (EBS.N), in a push to diversify beyond its biodefense business, plans to announce on Monday it is buying Protein Sciences, a maker of a next-generation flu vaccine that federal regulators have put on a fast track to approval.

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WASHINGTON - A faction of Service Employees International Union will take a stand against union president Andy Stern at the group's 24th quadrennial convention. In Stern's quest to build the union ranks, they say he has crossed the line from leader to autocrat and consolidated power in Washington away from local chapters.

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