The Labor Party has submitted a bill to disband the 17th Knesset and to hold early elections following Prime Minister Olmert's refusal to recuse himself from office amidst ongoing investigations regarding alleged financial irregularities.

The bill, authored by MKs Ophir Pines-Paz, Eitan Cabel, Shelly Yechimovitch and Danny Yatom, followed Labor Party Chairman Ehud Barak's call Wednesday for Olmert to utilize "one of the multiple options" a prime minister has for leaving office. Barak is said to support the bill.

"In the current situation, the prime minister cannot continue to function in his appointed role. If Kadima doesn't replace him soon and build a new government, we will move to hold elections quickly," said Pines-Paz.