From Politico.com:

California Rep. Henry A. Waxman on Thursday officially dethroned longtime Energy and Commerce Chairman John Dingell, upending a seniority system that has governed Democratic politics in the House for decades.

In a secret ballot vote in the Cannon Caucus Room, House Democrats ratified an earlier decision by the Steering and Policy Committee to replace the 82-year-old Dingell with his 69-year-old rival. The vote was 137-122 in favor of Waxman.

The ascension of Waxman, a wily environmentalist, recasts a committee that Dingell has chaired since 1981 with an eye toward protecting the domestic auto industry in his native Michigan. The Energy and Commerce Committee has principal jurisdiction over many of President-elect Barack Obama's top legislative priorities, including energy, the environment and health care.

This change in the Energy and Commerce Committee will have important consequences for climate policy. We'll have more on the significance of this stunning development soon.

UPDATE: From CQ Politics, a transcript of remarks by Waxman and Dingell after the caucus vote. Excerpt from Waxman's remarks:

We are at a unique moment in history. We have an opportunity that maybe comes only once in a generation. And I think that the Democratic Caucus agreed with me that we must meet that challenge and move forward on those important policies.

We have a unique opportunity. And we may well turn out to be as historical as the Congress was in 1933.

What I don’t want to see happen is the Congress end up the way we were in 1994, without success. I feel confident we’re going to have the success we need.

The American people are hurting all around this country. They’re demanding change. They’re demanding action. And we must live up to their expectations.