We study the temporal behavior of the power spectra for Galactic cosmic-ray fluctuations during the last two solar cycles. We use the 5-min data for 1980–2002 corrected for the barometric effect from two widely separated high-latitude cosmic-ray stations, Tixie Bay and Oulu. The cosmicray fluctuation spectrum is shown to be subjected to a regular long-term modulation with a period of about 11 years in phase with the solar cycle, in accordance with the variations in the inertial part of the turbulence spectrum for the interplanetary magnetic field. Based on independent measurements, we confirm the previously detected cosmic-ray fluctuation power enhancement at the maximum of the 11-year solar cycle and its subsequent decrease at minimum solar activity using new, more extensive data sets. We reach the conclusion about the establishment of a new cosmic-ray modulation phenomenon that has not been described previously in scientific literature.