Ongoing neural dynamics comprise both frequency-specific oscillations and broadband-features, such as long-range dependence (LRD). Despite both being behaviorally relevant, little is known about their potential interactions. In humans, 8-12 Hz α oscillations constitute the strongest deviation from 1/f power-law scaling, the signature of LRD. We postulated that α oscillations, believed to exert active inhibitory gating, downmodulate the temporal width of LRD in slower ongoing brain activity. In two independent "resting-state" datasets (electroencephalography surface recordings and magnetoencephalography source reconstructions), both across space and dynamically over time, power of α activity covaried with the power slope <5 Hz (i.e., greater α activity shortened LRD). Causality of α activity dynamics was implied by its temporal precedence over changes of slope. A model where power-law fluctuations of the α envelope inhibit baseline activity closely replicated our results. Thus, α oscillations may provide an active control mechanism to adaptively regulate LRD of brain activity at slow temporal scales, thereby shaping internal states and cognitive processes.SIGNIFICANCE STATEMENT The two prominent features of ongoing brain activity are oscillations and temporal long-range dependence. Both shape behavioral performance, but little is known about their interaction. Here, we demonstrate such an interaction in EEG and MEG recordings of task-free human brain activity. Specifically, we show that spontaneous dynamics in alpha activity explain ensuing variations of dependence in the low and ultra-low-frequency range. In modeling, two features of alpha oscillations are critical to account for the observed effects on long-range dependence, scale-free properties of alpha oscillations themselves, and a modulation of baseline levels, presumably inhibitory. Both these properties have been observed empirically, and our study hence establishes alpha oscillations as a regulatory mechanism governing long-range dependence or "memory" in slow ongoing brain activity.