California Proposition 4, a legislative measure on the November 3, 2026 ballot, would repeal the 1988 ban on public campaign financing and permit state or local governments to create optional programs with safeguards, including expenditure limits, broad-based support requirements for candidates, and prohibitions on using earmarked education, transportation, or public safety funds. Trader sentiment favoring rejection at 55.5% reflects opposition from taxpayer groups such as the California Taxpayers Association alongside support from organizations including the League of Women Voters, California Common Cause, and the California Democratic Party. The measure appears on a crowded ballot with competing fiscal and election-related propositions, and recent endorsements have not produced decisive shifts in positioning ahead of the vote.