The gala ceremony will be held at Lincoln Center on April 22. The annual event was started in 1972, when Charlie Chaplin returned to the US from exile to receive the honor. Other previous recipients include Alfred Hitchcock, Billy Wilder, Elizabeth Taylor, James Stewart, Robert Altman and most recently Catherine Deneuve.
Clinton presented Best Dramatic Feature nominee "Lincoln" at the Golden Globes back in January (watch below). Streisand is set to make her first onstage appearance in 36 years at the 2013 Oscars.
It was also recently announced that Streisand will be back in the director's chair, signing a picture deal with Aldamisa International.