President Joe Biden said an oligarchy is forming in the U.S. that threatens democracy, issuing the bleak warning on Wednesday in his final Oval Office speech as he prepares to hand over power to Donald Trump next week.

President Joe Biden used his farewell address on Wednesday night to warn of the growing threat of unchecked power wielded by the extremely wealthy, as he called for a swath of reforms to protect American democracy.

In his final speech from the Oval Office, President Biden urged the country to remember its roots and not surrender its values at the altar of a populist nationalism that he sees as dangerous.

Biden conveyed his deep appreciation for first lady Jill Biden, who joined him in the Oval Office. “My deepest appreciation to our amazing first lady with me in the Oval today, for our entire family, you’re the love of my life and the lives of my love,” he said. “My eternal thanks to you, the American people.”