A system for regulating traffic in a computer network comprises a plurality of rate buckets associated with a network interface ingress port. The system includes at least two rate buckets, related hierarchically, assigned to a specific ingress port on a network equipment device. At least one traffic parameter is associated with each rate bucket. Each rate bucket monitors traffic based on individual user-defined traffic parameters. At least one packet threshold parameter is associated with each rate bucket. Packets exceeding a rate bucket's packet threshold parameter are sent to subsequent rate buckets within the hierarchy based on an aggregate information rate assigned to the port. Each hierarchical rate bucket assigned to a specific port evaluates each packet prior to discarding a packet.