If elected, he would be the first Liberal speaker elected for about 80 years.
In their first flexing of post-election muscle, leftwing MPs on Friday blocked the appointment of the centre-right's choice for speaker, electing their own candidate instead.
Although the speaker, elected by all M.P.'s, is supposed to be politically neutral, Mr. Martin comes from the working-class element of the Labor Party.
The Swansea-born MP, who lives in Pendleton, Lancashire, was one of three deputy speakers elected in a secret ballot of MPs in 2010.
Wall Streets cool reaction to President Clintons impeachment and Speaker-Elect Bob Livingstons resignation over the weekend didnt reflect indifference as much as it demonstrated the markets ability to stay ahead of the curve.
All this coming just two days after the House recommended that the President stand trial in the Senate for committing high crimes and misdemeanors and Speaker-Elect Bob Livingston stunned the capital by stepping down after revealing that he had been unfaithful to his wife.
"We believe that it will have great support and that message won't get lost on the Senate or on the president of the United States," Speaker-elect Nancy Pelosi told reporters when she unveiled an outline of the bill at the Capitol shortly after her party's election win.
"It is not for the government to pronounce on the Speaker; the Speaker is elected by the house".
"We will call for a vote to replace the speaker and to elect a new speaker," he said.
