This paper was produced with substantial input from the speakers and participants of the Town Meeting on Electromagnetic Physics, held at Argonne National Laboratory on January 27-29, 1995; they are listed explicitly in the appendicies. It also reflects numerous conversations by the authors with many members of the community who were not able to attend the Town Meeting. Unfortunately, the time available for the production of this white paper made it impossible to circulate the manuscript widely in the community. Due to these time pressures, the document is not comprehensive; rather it is intended to be representative of the progress and prospects in the subfield of nuclear physics with electromagnetic probes. The authors apologize in advance to anyone whose work has been omitted or mis-referenced. The opinions expressed in this document are those of the authors, and they alone should be held responsible for them. We also wish to acknowledge the helpful comments on the document and contributions to the text received from a number of individuals, including: D. Beck; V. Burkert; D. Geesaman; B. Holstein; and J. Napolitano.