**Proposition 4 would repeal California's 1988 ban on public campaign financing, permitting the state and local governments to establish voluntary programs with spending limits, eligibility rules requiring broad small-donor support, and restrictions barring use of funds earmarked for education, transportation, or public safety.** The measure, referred by the Legislature via SB 42 in 2025, does not create any system itself and leaves design details to future lawmakers or local bodies. Limited campaign activity has emerged so far, with support from groups such as Common Cause and the League of Women Voters, while the California Taxpayers Association has registered opposition. On a crowded November 2026 ballot featuring multiple tax and spending proposals, trader consensus favoring rejection at 56.5% likely reflects voter caution over new public expenditures and the absence of strong organized momentum for the change.