California voters face Proposition 4 on the November 2026 ballot, a legislative measure repealing the longstanding ban on public campaign financing to permit state and local governments to establish optional programs with spending limits and qualification rules. Support comes primarily from reform organizations including the League of Women Voters of California and Common Cause, which launched coordinated efforts earlier in 2026 and highlight reduced reliance on large donors. Opposition centers on taxpayer costs for political speech and risks of program abuse, voiced by groups such as the California Taxpayers Association. With no recent statewide polling available and the measure still early in the campaign cycle, trader sentiment leans slightly toward rejection at 56 percent, consistent with historical voter caution on new public spending authorizations.