Repressor of translation initiation that regulates EIF4E activity by preventing its assembly into the eIF4F complex: hypophosphorylated form competes with EIF4G1/EIF4G3 and strongly binds to EIF4E, leading to repress translation. In contrast, hyperphosphorylated form dissociates from EIF4E, allowing interaction between EIF4G1/EIF4G3 and EIF4E, leading to initiation of translation. EIF4EBP3 interacts with EIF4E. Expression is highest in skeletal muscle, heart, kidney, and pancreas, whereas there is very little expression in brain and thymus. Phosphorylated. Belongs to the eIF4E-binding protein family.