1 (12 oz.) bag chocolate chips
1/2 cup peanut butter
1/2 cup (1 stick) butter
9 cups Rice Chex cereal
2 cups powdered sugar

Melt chocolate chips, peanut butter together in microwave on high power for 1-1 1/2 minutes. Stir after 1 minute. Pour mixture over Rice Chex cereal and mix until coated. Put powdered sugar in large paper bag and add cereal mix. Shake until coated. Place on cookie sheets to dry.