Updated

This is a rush transcript from "Special Report with Bret Baier," May 5, 2021. This copy may not be in its final form and may be updated.

LARA TRUMP, DONALD TRUMP'S DAUGHTER-IN-LAW: The reality is, he is going to have a platform that he will roll out in due time that is going to rival Facebook, that's going to rival Twitter.

People want to hear from former President Trump. They want to hear what he has to say about a range of issues. They are thirsty to hear from him. Quite frankly, Twitter and Facebook have been pretty boring without him on there.

(END VIDEO CLIP)

BAIER: Former President Trump's daughter-in-law saying who cares, really, but Facebook making the decision, the suspension of the former president on his page will continue, and Facebook will have to make that decision within six months after that.

Let's bring in our panel about the decision first, Harold Ford Jr., former Tennessee Congressman, CEO of Empowerment and Inclusion Capital, Mollie Hemingway, senior editor at "The Federalist," and Steve Hayes, editor of "The Dispatch." Mollie, your thoughts on this action?

MOLLIE HEMINGWAY, SENIOR EDITOR, "THE FEDERALIST": Well, these big tech oligarchs have a tremendous amount of power. Amazon controls servers for governments throughout the world. Twitter and Facebook control the public conversation. Google controls what you're allowed to see and what you're not allowed to see. This is a tremendous amount of power and it's very bad that they're using it for nefarious ends.

It's also true that is not what powerful regimes do. There are a lot of ties between Facebook and the Democratic Party. Obviously, these big tech oligarchs are very closely allied with the Democratic Party. I don't think they feel very strong if they feel the need to censor their political opponents and take such drastic action just to keep them from being able to express themselves.

BAIER: Steve, it has opened the door to some congressional action, already called for hearings. And it's actually a bipartisan issue when it comes to big tech.

STEVE HAYES, EDITOR, "THE DISPATCH": Yes, it really is, for totally different reasons. I think what Facebook tried to do with this oversight board was, in effect, outsource some of these difficult decisions. And what the oversight board said was no, no, this goes back to you, Facebook. But as we have seen from the reaction today, nobody is satisfied with this outcome. You have Democrats criticizing Facebook for a number of reasons, conservatives criticizing Facebook for others. I think the long-term effect of this is that Facebook is going to find itself in the crosshairs for quite a while to come.

BAIER: Harold?

HAROLD FORD JR., FORMER TENNESSEE REPRESENTATIVE: It's interesting to me that the president, former President Trump has not challenged this in the courts. There is no doubt every morning when he was president the press, politicians, the American people, Twitter followers waited to hear the message of the day, and he dictated the political momentum, the political dynamic and momentum for the day. Him being off of it, I don't know if people miss it, how much they miss it. I think there are probably some supporters who want to hear more of it.

But this will reignite around the accountability for these social media platforms. Should they be accountable for libel and slander laws or should they be the target of that? We have a lot to sort of play out, but there is no doubt the Facebook advisory committee kicked it back to Facebook, saying this is on you to make this decision.

BAIER: Next big decision up on Capitol Hill, the conference chair vote next Wednesday about Liz Cheney. Take a listen.

(BEGIN VIDEO CLIP)

REP. KEVIN MCCARTHY, (R-CA), HOUSE MINORITY LEADER: I have heard from members concerned about her ability to carry out the job as conference chair, to carry out the message. We all need to be working as one if we're able to win the majority.

REP. ANDY BIGGS, (R-AZ): When she is out there attacking him, she is attacking the leader of the Republican Party, and she is attacking those of us who supported President Trump, there will be enough votes to remove her next week.

JOE BIDEN, (D) PRESIDENT OF THE UNITED STATES: It seems as though the Republican Party is trying to identify what it stands for. And they are in the midst of significant sort of mini-revolution.

(END VIDEO CLIP)

BAIER: Tonight Liz Cheney is writing in a "Washington Post" op-ed "The Republican Party is at a turning point. Republicans must decide whether we are going to choose truth and fidelity to the Constitution. While embracing or ignoring Trump's statements might seem attractive to some for fundraising and political purposes, that approach will do profound long- term damage to our party and our country.

We Republicans need to stand for genuinely conservative principles, stir away from the dangerous and anti-democratic Trump cult of personality. History is watching. Our children are watching. We must be brave enough to defend the basic principles that underpin and protect our freedom and our democratic process. I'm committed to doing that no matter what the short- term political consequences might be."

Steve, your thought?

HAYES: Yes, I think it's very clear that Liz Cheney is not going to go down without a fight. I expect that she will lose the vote next Wednesday. I think she expects that she will lose the vote next Wednesday. But I think what she wants to lay out is a different vision of the Republican Party, a different vision of the conservative movement's role in the Republican Party for the future from what Donald Trump has done. She believes that Donald Trump has led a grievance filled party, a backward looking party, an angry party, and she wants to lead a party that's committed to conservative principles, to limited government, to strong national defense, and the kind of things that Republicans used to agree on.

I do think we'll find that more Republicans than will say so publicly agree with the things that she says in her op-ed. It will be interesting to see how many of them step up and actually say that.

BAIER: Mollie, Elise Stefanik from New York is getting a lot of attention and endorsement from Steve Scalise and others. However, it's interesting, tracking Congress in the age of Trump, Cheney voted with Trump 92.9 percent of the time compared with Elise Stefanik at 77.7 percent as this vote happens next week.

MOLLIE HEMINGWAY, SENIOR EDITOR, "THE FEDERALIST": Yes, a lot of people want to make this about Trump, and that's not really what this is about. The conference chair role is a leadership role. It is one where you need to be serving everybody in the caucus. Liz Cheney had recently survived a leadership vote, but there has been a lot of frustration about how she has undermined her caucus, her fellow caucus members. She supported primary opponents. She is not good at raising money for them. And she falls for every single media and Democrat narrative that comes along.

Elise Stefanik has shown courage. She fought against the Russia collusion hoax. She fought against the first impeachment hoax. And she has got that strength that Liz Cheney -- Liz Cheney is very good about wanting wars in Afghanistan to last forever. But these aren't the ideas that work well in the Republican Party or in the public at large.

BAIER: All right, Harold, I will get you next time. In fact, after the break. When we come back, tomorrow's headlines tonight with the panel.

(COMMERCIAL BREAK)

BAIER: Finally tonight, a lack at tomorrow's headlines tonight with the panel, but we ran out of time, so we are going to leave it to Harold. You have one headline for everybody. Here you go.

FORD: Well, Liz Cheney being pushed out for two reasons -- she accepts Biden won, and she believes that January 6th shouldn't be whitewashed. So my headline is inspired by the late great, Lesley Gore who wrote, inspired, saying, it's his party, President Trump. And those who have been pushed out can cry if they want to.

BAIER: All right, guys. Thanks for inviting us into your home tonight. That's it for the SPECIAL REPORT, fair, balanced, and unafraid. "FOX NEWS PRIMETIME" hosted by Pete Hegseth starts right now. Sorry, I took four seconds from you.

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