California Proposition 4 would repeal the longstanding ban on public campaign financing, permitting state and local governments to create voluntary programs for candidates subject to expenditure limits, small-donor matching requirements, and restrictions barring use of funds earmarked for education, transportation, or public safety. Legislative referral of the measure has drawn support from groups favoring reduced donor influence and opposition from taxpayer organizations citing potential costs and preference for private funding systems. With the November 3, 2026 election approaching and a crowded ballot featuring multiple tax and spending measures, traders appear to view passage as uncertain, reflected in the modest lean toward rejection. No major recent polling shifts or high-profile campaign developments have altered this positioning.