"This honor is well deserved for a man who has done so much for the game of baseball, said Tom Ricketts, chairman of the Cubs. "His contributions on and off the field have made a monumental impact to society. He is a great American ambassador who continues to spend his time and effort helping others love and appreciate America's pastime.
"On behalf of my family and Cubs fans everywhere, we are extremely proud of Ernie. Besides being one of the all-time greatest baseball players, Ernie has been a tremendous role model for young people and his zest for life, represented by his credo "Let's Play Two", has been an inspiration to generations of Cubs fans."
According to the White House, The Medal of Freedom is the highest honor awarded to civilians in the United States. It was established in 1963 by President John F. Kennedy and is presented to those 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."
Banks joins a distinguished list of baseball players to receive this prestigious award, including Hank Aaron (2002), Roberto Clemente (2003) Joe DiMaggio (1977), Stan Musial (2011), Buck O'Neil (2006), Frank Robinson (2005), Jackie Robinson (1984) and Ted Williams (1991).