President Donald Trump suggested renaming Veterans Day to "Victory Day for World War I" and establishing May 8th as "Victory Day for World War II." He stated this was to "start celebrating our victories again." His proposal did not specify whether May 8th should become a federal holiday.
Veterans Day's origins trace back to Armistice Day (1938), commemorating the end of WWI and dedicated to world peace. In 1954, it evolved to honor all US veterans. Memorial Day, established in 1888, honors those who died serving the country.
Trump's proposed May 8th date for WWII Victory Day is inaccurate. While May 8th marks V-E Day (end of war in Europe), the Pacific theater conflict continued until September 2nd, 1945 (V-J Day).
The establishment of federal holidays is the purview of Congress. States are not obligated to observe federal holidays.