Enables protein phosphatase regulator activity. Involved in negative regulation of endoplasmic reticulum stress-induced eIF2 alpha phosphorylation and peptidyl-serine dephosphorylation. Acts upstream of or within ER overload response and response to hydrogen peroxide. Part of protein phosphatase type 1 complex. Is expressed in compacted morula and inner cell mass. Orthologous to human PPP1R15B (protein phosphatase 1 regulatory subunit 15B). [provided by Alliance of Genome Resources, Apr 2022]