California Proposition 4, referred to the November 3, 2026 ballot via SB 42, would repeal the state's 1988 ban on public campaign financing and authorize state and local governments to design optional programs with eligibility thresholds, spending limits, and safeguards against using funds for legal costs or candidate loans. Reform organizations including the League of Women Voters of California, Common Cause, and labor groups have formed a support committee, though early fundraising remains modest with no organized opposition committee reported. Trader consensus favoring rejection at 58.5% reflects typical California voter skepticism toward ballot measures that authorize taxpayer resources for political campaigns, even when structured as permissive rather than mandatory, alongside the broader context of competing propositions and limited polling visibility close to the election.