It recognizes those people who have made "an especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavors".
This link provides a long list of recipients by profession. Note the list is very long for those in the entertainment industry and professional sports awarded by every president since the award was created by JFK. This is another example of how the left demonstrates their hypocrisy by holding Republicans to a different standard than they hold themselves.