Enables calmodulin-dependent protein phosphatase activity. Involved in several processes, including calcium-ion regulated exocytosis; positive regulation of insulin secretion involved in cellular response to glucose stimulus; and regulation of synaptic vesicle endocytosis. Acts upstream of or within several processes, including circulatory system development; locomotion involved in locomotory behavior; and negative regulation of T cell mediated cytotoxicity. Located in T-tubule and Z disc. Is active in glutamatergic synapse. Is expressed in several structures, including gastrocnemius muscle; jaw skeleton; ovary; renal vasculature; and tooth. Human ortholog(s) of this gene implicated in aortic valve stenosis. Orthologous to human PPP3CB (protein phosphatase 3 catalytic subunit beta). [provided by Alliance of Genome Resources, Apr 2022]