California voters will decide Proposition 4 on November 3, 2026, a legislatively referred statute that would repeal the 1988 statewide prohibition on public campaign financing and permit state and local governments to establish voluntary programs subject to spending limits, qualification thresholds based on small-dollar support, and restrictions barring use of funds earmarked for education, transportation, or public safety. Trader pricing favoring rejection reflects organized opposition from groups such as the California Taxpayers Association, which highlight taxpayer costs and resistance to directing public resources to candidate campaigns, alongside limited early polling momentum and competition from other fiscal measures on the same ballot. Supporters including the League of Women Voters and California Common Cause emphasize reduced donor influence, yet the measure’s permissive design and historical voter skepticism toward public financing systems contribute to the current market consensus.