1 c. chocolate chips
1/2 c. peanut butter
1/4 c. butter
1 c. powdered sugar
6 c. Rice Chex

Combine chips, peanut butter and butter. Melt on stove or in microwave for 1 to 1 1/2 minutes or in a microwave for 30 seconds. Pour mixture over cereal, stirring until all pieces are coated. Let stand for 10 minutes. Place 1/2 of powdered sugar into a large plastic bag. Put 1/2 of the mixture into the bag. Shake to coat cereal. Repeat with the other 1/2. Cool on waxed paper or jelly roll pan.