"Today an oligarchy is taking shape in America that literally threatens our democracy, our basic rights, our freedoms," the president said.

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.”

The president will deliver his final remarks from the Oval Office. In the past, President Barack Obama went to his home in Chicago for his farewell speech. George W. Bush spoke from the East Room. Bill Clinton spoke from the Oval Office.

Ahead of President-elect Donald Trump’s inauguration less than a week away, President Joe Biden is set to give his farewell address on Wednesday evening. The speech is expected to focus on his administration's achievements.