Joe Manchin tells CEOs it's 'foolish' for them to give money to political candidates while 'asking nothing in return'

• Democratic Sen. Joe Manchin addressed a room full of top CEOs on Thursday morning.
• He gave them advice on engaging with a "dysfunctional" political system: "Quit writing checks to everybody."
• He said that by "asking nothing in return" for political donations, CEOs were "supporting bad behavior."

Democratic Sen. Joe Manchin of West Virginia offered some oddly-worded advice to a gathering of business titans on Thursday: don't give money to politicians without expecting something in return.

The remarks came at the conclusion of his appearance at the Fortune CEO Initiative, where he was interviewed virtually by Fortune Media CEO Alan Murray about his support for the Inflation Reduction Act, his efforts towards passing permitting reform, and the notion of bipartisanship.

Murray concluded the conversation by asking the West Virginia senator, who's much more friendly with big business than other members of his party, how the business community could "better engage" with a "somewhat dysfunctional political system." 

"Quit writing checks to everybody," Manchin replied.

He expanded, contrasting the investments that CEOs make in the business world with the money that they contribute to political candidates' campaign accounts.

"They've done that by taking risks, expecting returns on investment," he said. "The investments you've made in politics from the Democrat side, and the Republican side, by asking nothing in return, is a foolish investment because you would never do that in your business world or your private life."

Manchin, a conservative Democrat who has caused headaches for his party by opposing aspects of President Joe Biden's economic and climate agenda, has had his own political contributions from Republicans and corporate executives come under scrutiny over the course of the last year.

Manchin suggested on Thursday that CEOs were making political contributions based on broader ideological dynamics — referencing Democrats who are "too liberal" or Republicans who voted against certifying the 2020 election results.

"You say, well, this side's better than that side, yeah, I'll give them money, sure. I don't like that side. They're too liberal," he continued. "I don't like this side because they're deniers, they can't accept the truth or the facts — back and forth."

He told the group that they should engage with politicians directly.

"Why don't you do this: tell a politician when they come to you, say, 'listen, I'm sorry, I don't give checks. I don't give a donation or a contribution to any politician, but I'm willing to make an investment," he said. "What should I expect from you? What are you going to do? What have you done in your political life, and what will you do if this is your first time? Tell me so I can make a decision on whether I want to invest in you, because I can expect something in return."

While Manchin appeared to be suggesting an outright quid-pro-quo for political contributions, he added that political contributions from CEOs are fueling "bad behavior" by politicians, suggesting a broader point about political dysfunction.

"Alan, we can't fix it in Washington. I'm telling you, we cannot fix it. You know why?" he said. "You all are supporting bad behavior. You're giving checks to bad behavior."