**Proposition 4 would repeal California's longstanding 1988 ban on public campaign financing, permitting the state and local governments to create voluntary programs where candidates accept spending limits and qualify through broad-based small-dollar support or similar criteria.** It explicitly bars use of funds earmarked for education, transportation, or public safety and prohibits public money for legal defense or candidate loans. Supporters including the League of Women Voters, California Common Cause, and the California Democratic Party argue it could reduce reliance on large private donors. Opponents such as the California Taxpayers Association highlight taxpayer costs and prior voter rejections of similar measures in 2000 and 2010. With the November 3, 2026 vote weeks away and no major recent shifts in campaigning or polling, the narrow edge for rejection reflects ongoing voter caution toward new public spending on elections alongside debate over future program design at the state or local level.