California Proposition 4 would repeal the 1988 voter-approved ban on public campaign financing, enabling state and local governments to create optional programs with expenditure limits and eligibility rules while barring use of earmarked education, transportation, or public safety funds. Placed on the November 3, 2026 ballot via SB 42, the measure has drawn support from groups including the California Democratic Party, League of Women Voters, and Common Cause, alongside opposition from the California Taxpayers Association and Reform California. With limited reported campaign spending and no major recent developments shifting momentum, trader consensus slightly favors rejection, reflecting baseline voter caution toward taxpayer-supported candidate funding even though the proposition itself creates no program or direct costs.