In 2000, he was awarded the Medal of Honor—the United States' highest military decoration—for his actions as a medic near Long Khánh Province during the Vietnam War.

Several point squad soldiers were wounded and Specialist Four Rascon made his way forward to aid his fallen comrades.

In 1976, Rascon was once again honorably discharged from active duty with the rank of captain, but continued serving in the United States Army Reserve until 1984.

In 1976, Rascon was offered the position of United States Army military liaison officer, in the Republic of Panama and he accepted.

Rascon has also worked for the Department of Justice's, Drug Enforcement Administration, INTERPOL (U.S. National Central Bureau), and the Immigration & Naturalization Service.

His former platoon members Ray Compton, Neil Haffey and Larry Gibson, whose lives he saved, sought to correct the oversight and renewed their efforts in favor of a Medal of Honor for Rascon.

[4] On February 8, 2000, President Bill Clinton bestowed upon Rascon the Medal of Honor in a ceremony held in the East Room of the White House.

He repeatedly tried to reach the severely wounded point machine-gunner laying on an open enemy trail, but was driven back each time by the withering fire.

Disregarding his personal safety, he jumped to his feet, ignoring flying bullets and exploding grenades to reach his comrade.

Specialist Rascon fearing the abandoned machine gun, its ammunition and spare barrel could fall into enemy hands made his way to retrieve them.

Again, in complete disregard for his own life, he reached and covered the sergeant with his body, absorbing the full force of the grenade explosions.

Specialist Rascon's extraordinary valor in the face of deadly enemy fire, his heroism in rescuing the wounded, and his gallantry by repeatedly risking his own life for his fellow soldiers are in keeping with the highest traditions of military service and reflect great credit upon himself, his unit, and the United States Army.

On May 22, 2002, Rascon was confirmed by the United States Senate as the 10th director of the Selective Service System; he served in this position until 2003.