The date and other details will be announced later, Pelosi and Schumer said in a joint statement.
“Woody Williams embodies the best of America: a life of duty, honor and courage,” said Pelosi, Democrat of California.
Schumer, a Democrat from New York, called Williams “an American hero who embodies the best of our country and the greatest generation.”
Williams, who died on Wednesday aged 98, was awarded the Medal of Honor after taking part in the Battle of Iwo Jima and showing “valiant devotion to duty”. President Harry Truman presented Williams with the honor in a ceremony at the White House on October 5, 1945.
The Medal of Honor is the United States’ highest award for military valor.
At a Sunday memorial service in Williams’ native West Virginia, Senator Joe Manchin announced that he had received a call that morning to inform him that Williams’ memory would be honored in the Rotunda of the US Capitol.
Manchin, a state Democrat, praised Williams as someone who “never stops giving back,” raising money for Gold Star Families with an annual motorcycle ride.
“It raised hundreds of thousands of dollars,” Manchin said Sunday, adding, “It wasn’t going to stop because Woody would have gone after me right away.”
Manchin said he would miss Williams’ phone calls, joking that Williams would give him directions on how to do his job.
“I’m going to miss him telling me how I should vote.” And when I didn’t, what a mistake I made,” Manchin said.
CNN’s Jake Tapper contributed to this report.
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