And then "on the watch list." How are you going to know that? A company isn't necessarily going to tell you that they've subscribed to your info, and the FBI certainly won't, without legal action.
The point being, it would be easy to end up with a witchhunt against a company for firing a couple bad employees who had also been arrested, even if the arrests had nothing to do with their dismissal.
You mean, just like the original list promotes further punishment of people who are victims of baseless arrests that don't even support prosecution much less conviction?