This freshly released Executive Order will form the basis for a new EU-U.S. Data Privacy Framework, aka Safe Harbor Framework v3 or Privacy Shield 2.0. It shall solve the problems created by the CJEU Schrems II decision in 2020. There is still some work to do and we do not expect that organizations will be able to rely on the Framework as adequacy mechanism instead of EU Standard Contractual Clauses (SCCs) until end of 2023. However, already today, the EO has a positive impact on TIAs conducted in context of SCCs.EU data protection authorities say "we all now have to sit down and rethink our TIAs on the basis of the new EO".
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The EU-U.S. Data Protection Framework: A Summary of the U.S. Executive Order issued on Oct. 9 - today and tomorrow
The EO is a big step for EU-U.S. data transfers and a step into the right direction, and we can but hope that the EO will be deemed enough for adequacy so that additional legislative changes to U.S. law would not be required.