**Proposition 4 would repeal California’s 1988 voter-approved ban on public campaign financing, permitting the state and most local governments to create optional programs requiring spending limits, broad-based support thresholds, and restrictions against using earmarked funds from education, transportation, or public safety.** The measure, referred by the Legislature on a party-line vote and signed in 2025, faces a November 3, 2026, vote. Recent polling shows support near or below 40 percent with substantial undecided voters, while organized campaigning remains minimal compared to higher-profile measures. Opposition from taxpayer groups and limited fundraising reflect concerns over potential costs and use of public resources. These factors contribute to the current trader consensus favoring rejection.