(WASHINGTON) — President Joe Biden, in his farewell address, reflected on a decadeslong political career but also issued a stark warning to the nation as he prepares to cede power to President-elect Donald Trump.

Speaking from behind the Resolute Desk in the Oval Office, Biden said he was proud of what his administration accomplished as the country climbed out of the coronavirus pandemic and made investments in the economy, infrastructure, gun safety, climate change and more.

“In the past four years, our democracy has held strong and every day I’ve kept my commitment to be president for all Americans for one of the toughest periods in our nation’s history,” Biden said.

He commended Vice President Kamala Harris as a “great partner” as she sat nearby alongside second gentleman Doug Emhoff, first lady Jill Biden and Hunter Biden.

Biden listed several of his key legislative wins, including lowering prescription drug prices, expanding benefits for military veterans exposed to burn pits, investing in domestic manufacturing of semiconductor chips and more. The impact of those policies, he noted, may not be fully realized for years to come.

He also briefly highlighted the ceasefire and hostage release deal reached by Israel and Hamas earlier Wednesday, a foreign policy goal of Biden’s for more than a year that became reality just days before his departure.

He touted working with the incoming Trump administration to see through its implementation. “That’s how it should be, working together,” Biden said.

But Biden spent the majority of his remarks on something he said caused him great concern — what he said was the concentration of power in the hands of a few wealthy individuals.

“Today, an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms, and a fair shot for everyone to get ahead,” he said.

He spoke about the threat he said the wealthy posed to efforts to fight the dangers of climate change.

“Powerful forces want to wield their unchecked influence, to eliminate the steps we’ve taken to tackle the climate crisis, to serve their own interest for power and profit,” he said. “We must not be bullied into sacrificing the future, the future of our children and our grandchildren, must keep pushing forward and push faster. There’s no time to waste.”

Biden also raised concerns about the rise of artificial intelligence, and the possibilities and dangers advancing technologies posed. He lamented the rise in misinformation online and what he described as a “crumbling” free press that he said were enabling abuses of power.

“In his farewell address, President Eisenhower spoke of the dangers of the military industrial complex,” he said. “He warned us then about, and I quote, ‘the potential for the disastrous rise of misplaced power’ … six decades later, I’m equally concerned about the potential rise of a tech-industrial complex that could pose real dangers for our country as well.”

Biden pushed for reforming the tax code so that billionaires pay their “fair share” and for amending the Constitution to make clear that no president is immune from criminal liability — an apparent slight at Trump, who was previously under federal indictment for his behavior after the 2020 election and is set to be sworn into office in five days.

“A president’s powers is not unlimited. It’s not absolute and it shouldn’t be,” Biden said. “And in a democracy, there’s another danger to the concentration of power and wealth. It erodes the sense of unity and common purpose. It causes distrust and division.”

“Participating in our democracy becomes exhausting and even disillusioning,” he continued. “And people don’t feel like they have a fair shot. We have to stay engaged in the process.”

In closing, Biden reflected on his own rise as a kid from Scranton plagued by a stutter to the nation’s highest office — one that he sought repeatedly during his five decades in politics and is leaving reluctantly after withdrawing from the 2024 campaign amid Democrats’ doubts.

He described America’s promise as a “constant struggle.”

“A short distance between peril and possibility,” he said. “But what I believe is the America of our dreams is always closer than we think. And it’s up to us to make our dreams come true.”

Ultimately, Biden asserted, it will be up to the president, Congress, the courts and the American people to stand up to those with ill-intent.

“Now, it’s your turn to stand guard,” Biden said. “May you all be the keeper of the flame. May you keep the faith. I love America, you love it, too.”

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