"I'm running for [U.S.] Senate because the American dream is being undermined by policies that move us away from the constitutional principles of limited government and personal liberty," Gillespie said in a 2-minute video posted on his EdforSenate.com campaign website.
If the country doesn't change course, today's children and their children "won't enjoy the prosperity and freedoms of previous generations," he said.
The former Republican National Committee chairman pledged to be a "servant of the people of Virginia" and would focus on growing the middle class and fostering upward mobility.
He also said he would work to replace the Affordable Care Act, also known as Obamacare," calling it a "job killer."
"Senator Mark Warner cast the deciding vote for it," Gillespie said in the video. "If I were a Virginia senator, it would not be law today."