Proposition 4, a legislatively referred statute on the November 3, 2026 ballot, would repeal the 1988 statewide prohibition on public campaign financing and permit state and local governments to create optional programs subject to spending limits, broad-based support thresholds, and restrictions barring use of education, transportation, or public safety funds. With no registered committees reporting contributions for either side as of mid-2026 and minimal organized advertising, the measure lacks the visibility of higher-profile tax, housing, or voter ID propositions on the same ballot. Trader consensus favoring rejection at 56% reflects the absence of momentum, historical voter caution toward public funding of candidates, and uncertainty over whether jurisdictions would actually implement programs even if the ban lifts. The Fair Political Practices Commission would handle limited oversight questions under the proposal.