Privacy Shield is going to replace the Safe Harbor agreement for data transfer between the EU and US – as the Safe Harbor agreement was struck down as invalid by the courts. It should provide more personal protections. The question is, however, whether that is sufficient.
One of the biggest loopholes is that the new US bills cannot 'impede national security interests' – and national security interests has been demonstrated in the past to be very broadly applied, such that the potential for abuse still remains.
We'll have to see how the EU reacts.
Senate passes privacy bill key to two international agreements
The bill gives EU citizens the right to challenge misuse of their data in U.S. courts.