Genetic engineering in plants and animals, especially small, rapidly-breeding animals (less than 12-month breeding cycles), should be heavily restricted and maybe even banned. Numerous safeguards should be used to prevent the new genetic material from escaping to the environment.
Human genetic engineering should be heavily restricted and, in many cases, banned. Engineering to prevent disease and other ailments would be far more permissible than engineering to develop certain traits to improve the average person.
Crops genetically engineered to produce their own pesticides or even herbicides should be banned. The long-term consequences of such manipulations are negative. It starts an arms race with nature that only makes it more expensive and difficult to achieve the same results in the future.