Biden warns of oligarchy and calls for constitutional changes in farewell address
In his farewell address on January 15, 2025, President Joe Biden warned of an emerging oligarchy in America and criticized the influence of social media. He called for constitutional amendments to hold presidents accountable for crimes while in office. Biden proposed higher taxes on billionaires, stricter campaign finance rules, term limits for Supreme Court justices, and a ban on stock trading for Congress members. These proposals follow a Supreme Court ruling that granted former presidents broad immunity for official acts. Biden's speech took place in the Oval Office, with family members present. He emphasized a smooth transition to Donald Trump's administration, who will take office on January 20, 2025.