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https://en.wikipedia.org/wiki/Loyalty_Day

The date, May 1, was set in order to counter International Workers' Day and was recognized by the U.S. Congress during the height of the Second Red Scare.

Each year on Loyalty Day, the current president is requested to issue a proclamation that asks the American government officials to display the American flag on all government buildings. The proclamations also ask for the American people to observe Loyalty Day with ceremonies in suitable places. The most common way of celebrating is with parades.

The holiday was first observed in 1921, during the First Red Scare. It was originally called "Americanization Day," and it was intended to replace the May 1 ("May Day") celebration of the International Workers' Day, which commemorates the 1886 Haymarket affair in Chicago. In the late 1800’s May became a day for the revolutionary labor movement to honor the memory of the May 1, 1886, strike in Chicago. The 1886 strike is also known as the Haymarket Affair or the Haymarket Riot which is associated with a number of issuing events that influenced the creation of Loyalty Day. The need for Loyalty Day was recognized in response to the October Revolution in Russia. One of the first instances of a celebration held for Americanization day was on May 1, 1930, when 10,000 VFW members staged a rally at New York's Union Square to promote patriotism.