President Joe Biden delivered his farewell address to the nation Wednesday as he prepares to leave office. The president's Oval Office speech comes on the heels of a major diplomatic achievement for his administration: a ceasefire between Israel and Hamas. The deal is something the Biden administration had been working toward for months. President Biden announced in May 2024 a framework to stop the fighting, return hostages, provide humanitarian aid and ultimately rebuild Gaza. The war in Gaza broke out well into President Biden's four-year term. During that time, he has faced numerous challenges including responding to the COVID-19 pandemic and managing skyrocketing inflation. The president opened his speech with a retrospective focus on the importance of American democracy."After 50 years at the center of all of this, I know that believing in the idea of America means respecting the institutions that govern a free society," President Biden said. "The presidency, the Congress, the courts, a free and independent press.""I wish the incoming administration success. Because I want America to succeed. That's why I've upheld my duty to ensure a peaceful and orderly transition of power. To ensure that we lead by the power of our example," the president said."An oligarchy is taking shape in America"President Biden warned America of "the dangerous concentration of power in the hands of a very few ultra-wealthy people, and the dangerous consequences if their abuse of power is left unchecked."He said that in America's past, when the rich paid their fair share, it helped create a thriving middle class."People should make as much as they can, but play by the same rules," President Biden said. "Pay their fair share in taxes."The president called for Supreme Court reform, bans on members of Congress from trading stock while in office, and constitutional amendments to ensure that U.S. presidents are not immune from prosecution while in office."We have to stay engaged in the process," President Biden said."What I believe is the America of our dreams is always closer than we think. It's up to us to make our dreams come true."President Biden thanked members of the administration, members of the military his Vice President Kamala Harris, his family and the American people."I still believe in the idea for which this nation stands. A nation where the strength of our institutions and the character of our people matter. They must endure," President Biden said. "Now it's your turn to stand guard."RELATED STORY | In foreign policy speech, Biden highlights a term of US leadershipIn a letter to Americans ahead of his speech, Biden said, "We came together as Americans, and we braved through it. We emerged stronger, more prosperous, and more secure."The U.S. added 16.6 million jobs during President Biden's tenure, marking a record for a single term of a U.S. president. While the U.S. has posted impressive job numbers in recent years, President Biden entered office a year after the U.S. lost 9.5 million workers during the pandemic.Still, President Biden exits office with a majority of Americans not supporting his work. As of December, his approval rating was 39%, according to Gallup. His approval rating at the end of his first term is tied for the lowest since President Jimmy Carter had a 34% approval rating one month before leaving office.President Biden planned to seek reelection but dropped out of the race following a widely criticized debate performance. He ultimately endorsed Vice President Kamala Harris, who lost to Trump in the November presidential election. RELATED STORY | Biden, Trump revive presidential tradition with post-election Oval Office meeting