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.

With only days left in the White House, President Joe Biden was saving a few surprises for his farewell address Wednesday evening. Instead of simply summing up his term in office, he used the opportunity to issue dire warnings about the future and call for deep changes to the country’s foundational document.

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.

Fox News' Peter Doocy reports the key takeaways from President Biden's farewell address. The 'Fox & Friends' co-hosts react to his remarks.