The rule applies the privacy requirements of the Communications Act of 1934 to broadband Internet Service Providers (ISPs) and other telecommunications carriers. In particular, the rule requires ISPs to obtain affirmative "opt-in" consent from consumers to use and share certain information, including app usage and web browsing history. It also allows ISPs to use and share other information, including e-mail addresses and service tier information, unless a customer "opts-out." In doing so, the rule departs from the technology-neutral framework for online privacy administered by the Federal Trade Commission. This results in rules that apply very different regulatory regimes based on the identity of the online actor.
White House's summary after it passed both the House of Representatives and Senate:
Here's a link to the actual bill: