Pallone has estimated that some 1.5 million Indian Americans celebrate Diwali and the idea of a stamp has received widespread support from the community.
"Diwali is one of the most important and colourful Indian festivals and is celebrated enthusiastically by Indians all over the world," Pallone said in a statement.
"The rich culture and spirit of Diwali has survived political, economic and social attacks throughout history, while in all ways carrying the universal symbolism of the triumph of light, goodness, knowledge and truth."
"I feel that Diwali is truly a marvelous holiday that deserves recognition. As the Citizen's Stamp Advisory Committee continues its plans for issuing new stamps, I hope that it will consider issuing a Diwali stamp to honour this culturally significant holiday celebrated in the United States and abroad", the New Jersey Democrat has said.
The Citizen's Stamp Advisory Commission under the US Postal Service currently issues many stamps with holiday themes, including Christmas, Kwanzaa, Hanukkah and Eid.