Among the business leaders, philanthropists and other luminaries attending this year's Milken Institute Global Conference in Los Angeles are politicians — looking to set the record straight, with an eye to future opportunities.

Power Play host Anne McElvoy joined the Beverly Hills crowd — and talked to Kevin McCarthy, the first Speaker of the U.S. House of Representatives to be ousted during a legislative session. McCarthy reflects on his dramatic downfall and lauds the prospect of Donald Trump's return to the White House.

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Elbridge Colby is a hot pick to be Donald Trump's national security adviser if the former president returns to the White House next year. It's a role which holds huge sway over America's position on the world stage.

An influential voice in foreign policy circles in Washington, Colby leads the Marathon Initiative, a conservative think tank grappling with how America confronts an increasingly assertive China — a subject that is testing both Democrats and Republicans.

In this week's edition of Power Play, host Anne McElvoy talks to Colby, who served as deputy assistant secretary of defense in the Trump administration, about U.S. strategy towards China, Russia and Europe — and whether America can rely on its traditional allies.

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"America will always defend democracy in its hour of need. We tell our allies: we will stand with you. We tell our adversaries: don’t mess with us." The words of U.S. Senate Majority Leader Chuck Schumer struck a rare note of bipartisanship as Congress finally approved a multi-billion dollar package of support to Ukraine, Israel and Taiwan.

For America’s allies, there was a collective sigh of relief. No more so than at the British Embassy in Washington, where host Anne McElvoy presents this week's special episode of Power Play. She talks to the outgoing ambassador, Karen Pierce, about whether the so-called "special relationship" will endure, despite the potential changes of government in Washington and London later this year and the spectre of war around the globe.

Anne is also joined by John Harris, POLITICO's global editor-in-chief, to mark a weekend of political showmanship and intrigue culminating in the annual White House Correspondents' dinner.

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