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The American Association of University Professors issued a policy statement on speech codes containing the following comments:
Freedom of thought and expression is essential to any institution of higher learning….
On a campus that is free and open, no idea can be banned or forbidden. No viewpoint or message may be deemed so hateful or disturbing that it may not be expressed….
In response to verbal assaults and use of hateful language some campuses have felt it necessary to forbid the expression of racist, sexist, homophobic, or ethnically demeaning speech, along with conduct or behavior that harasses. Several reasons are offered in support of banning such expression….These arguments, grounded in the need to foster an atmosphere respectful of and welcome to all persons, strike a deeply responsive chord in the academy. But, while we can acknowledge both the weight of these concerns and the thoughtfulness of those persuaded of the need for regulation, rules that ban or punish speech based upon its content cannot be justified. An institution of higher learning fails to fulfill its mission if it asserts the power to proscribe ideas - and racial or ethnic slurs, sexist epithets, or homophobic insults almost always express ideas, however repugnant. Indeed, by proscribing any ideas, a university sets an example that profoundly disserves its academic mission.

The statement also included the following suggestions on how to reduce the problem of hate speech:

(1) Institutions should adopt and invoke a range of measures that penalize conduct and behavior, rather than speech, such as rules against defacing property, physical intimidation or harassment, or disruption of campus activities….
(2) Colleges and universities should stress the means they use best - to educate - including the development of courses and other curricular and co-curricular experiences designed to increase student understanding and to deter offensive or intolerant speech or conduct.

Reference: American Association of University Professors "On Freedom of Expression and Campus Speech Codes", 1992.