In the contemporary digital landscape, media content stands as the foundation for political news analysis, offering invaluable insights sourced from various channels like news articles, social media updates, speeches, and reports. Natural Language Processing (NLP) has revolutionized Political Information Extraction (IE), automating tasks such as Event Extraction (EE) from these diverse media outlets. While traditional NLP methods often necessitate specialized expertise to build rule-based systems or train machine learning models with domain-specific datasets, the emergence of Large Language Models (LLMs) driven by Generative Artificial Intelligence (GenAI) presents a promising alternative. These models offer accessibility, alleviating challenges associated with model construction from scratch and reducing the dependency on extensive datasets during the training phase, thus facilitating rapid implementation. However, challenges persist in handling domain-specific tasks, leading to the development of the Retrieval-Augmented Generation (RAG) framework. RAG enhances LLMs by integrating external data retrieval, enriching their contextual understanding, and expanding their knowledge base beyond pre-existing training data. To illustrate RAG's efficacy, we introduce the Political EE system, specifically tailored to extract political event information from news articles. Understanding these political insights is essential for remaining informed about the latest political advancements, whether on a national or global scale.