An integrated circuit current regulator that compensates for variation in current required based on the switching activity of the integrated circuit. A first embodiment incorporates a voltage controlled on-chip bypass circuit with a scaling unit to divide an input voltage into n fractional voltages and an on-chip voltage monitor to compare a fraction of the on-chip supply voltage with a reference voltage and control a corresponding on-chip power supply bypass. At least one bypass resistor per comparator is switched between the supply voltage and ground potential according to the output signal of the corresponding comparator to dampen power supply noise. The value of the by-pass resistance R increases with decreasing on-chip supply voltage and decreases with increasing supply voltage. A resistance as a function of supply voltage R(Vdd) characteristic is realized to reduce or eliminate mid-frequency power supply noise, caused by on-chip switching activity variations while minimizing additional on-chip power dissipation.