California Proposition 4 would repeal the 1988 voter-approved ban on public campaign financing, authorizing the state and local governments to establish voluntary programs that provide candidates with public funds subject to spending limits, qualification criteria, and restrictions against using earmarked revenues for education, transportation, or public safety. Trader sentiment favoring rejection at 56% reflects historical precedent, as California voters rejected similar repeal efforts in 2000 and 2010. Organized opposition from taxpayer advocacy groups such as the California Taxpayers Association and Howard Jarvis Taxpayers Association has highlighted concerns over using public dollars for political campaigns, while support coalitions including the League of Women Voters and Common Cause have emphasized reducing private donor influence. Limited campaign spending and fundraising activity for the measure to date have kept the contest close ahead of the November 3, 2026 vote.