We compute the vector analyzing power (VAP) for the elastic scattering of transversely polarized electrons from protons at low energies using an effective theory of electrons, protons, and photons. We study all contributions through second order in E / M, where E and M are the electron energy and nucleon mass, respectively. The leading-order VAP arises from the imaginary part of the interference of one-and two-photon exchange amplitudes. Subleading contributions are generated by the nucleon magnetic moment and charge radius as well as recoil corrections to the leading-order amplitude. Working to O͑E / M͒ 2 , we obtain a prediction for A n that is free of unknown parameters and that agrees with the recent measurement of the VAP in backward angle ep scattering.