Apparatus disclosed herein implement a fast transient precision current limiter such as may be included in an electronic voltage regulator. The current limiter includes two current sense element/current clamp control loops. A fast response time control loop first engages and clamps a current spike. A precision control loop then engages to more accurately clamp the output current to a programmed set point. The precision clamping loop includes an inner loop to linearize the precision current sense element. The inner loop forces the drain-to-source voltage (VDS) of the precision sense element to track the VDS of the regulator pass element. A more precise clamping operation results. Overall speed is not sacrificed as the fast response time clamping loop operates in parallel to protect circuitry while the precision clamping loop engages.