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At the moment, there's no legal barrier against the Feds' deciding to build a national database of our genetic information to be used for law enforcement purposes. The FBI already has a database of genetic information from convicted criminals, and it has lobbied to make the database more inclusive (eg, to retain samples/data from people who have been arrested but not convicted).
In the UK, a national DNA database has been built that contains genetic information on more than 5% of the population (compared with the FBI's collection on 0.5% of Americans). There's been substantial debate in the UK about the legality and propriety of the resource: you can read more here, here, and here, for example.
Lots of people--including health researchers, pharma companies, insurers, employers, and law-enforcement agencies--would like access to huge datasets of individuals' genetic information. Once such repositories are built (and they are already being built), arguments in favor of a centralized resource are sure to follow, citing efficiency and cost-savings benefits. There are (imo) important privacy and civil liberties reasons to resist such developments.
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