Proposition 4, a legislatively referred statute on the November 3, 2026 ballot, would repeal California's 1988 ban on public campaign financing and authorize voluntary state and local programs with spending limits, qualification thresholds, and restrictions barring use of education, transportation, or public safety funds. Trader consensus assigns a slight edge to rejection at 55 percent "No," reflecting opposition from groups such as the California Taxpayers Association and Reform California over taxpayer costs and potential redirection of resources, alongside a crowded ballot featuring multiple fiscal measures. Reform organizations including California Common Cause and the League of Women Voters back the change to expand small-donor participation, but the permissive design has not generated major recent catalysts or polling shifts to alter positioning since ballot certification.