A process field device for use in monitoring or controlling an industrial process includes first and second loop terminals configured to couple to a two-wire industrial process control loop. Field device circuitry is configured to monitor or control a process variable of the industrial process. The field device circuitry is powered by power connections from the two-wire industrial process control loop. A current regulator is connected in series with the two-wire industrial process control loop, the first and second loop terminals and the field device circuitry. The current regulator is configured to control a loop current flowing through the two-wire process control loop. A voltage regulator is connected in parallel with the current regulator and in series with the two-wire industrial process control loop, first and second loop terminals and field device circuitry. The voltage regulator is configured to control a voltage across the field device circuitry.