The EFF gives a rundown of the bill and why it is important:

The USA Freedom Act is a bill that was first proposedlast year by Senator Patrick Leahy and Representative Jim Sensenbrenner. The original version of the bill limited the NSA’s call records collection program, introduced aspecial advocate into the secretive court overseeing the spying, mandated much needed transparency requirements, and included significant reform of Section 702 of the Foreign Intelligence Surveillance Amendments Act (FISAA), the law used to collect Americans’ communications in bulk.