California Proposition 4 would repeal the 1988 voter-approved ban on public campaign financing, enabling the state and local governments to create optional programs that provide funds to candidates meeting spending limits and eligibility criteria while barring use of earmarked education, transportation, or public safety revenues. The measure, referred by the Legislature via SB 42 and signed in 2025, carries minimal direct fiscal impact according to the Legislative Analyst’s Office. Trader sentiment favoring rejection at 56% reflects California voters’ prior defeats of similar proposals in 2000 and 2010, organized opposition from taxpayer advocacy groups emphasizing compelled use of public dollars, and limited early campaign activity or polling visibility compared with higher-profile 2026 measures. Support comes primarily from good-government organizations and Democratic Party leaders, while structural requirements for candidate qualification and spending caps have not yet shifted consensus ahead of the November 3 vote.