1. Into large bowl, measure cereal; set aside.
2.In 1-quart microwavable bowl, microwave chocolate chips, peanut butter, and butter uncovered on High 1 minute; stir. Microwave about 30 seconds longer, or until mixture can be stirred smooth. (I did the melting of chocolate, peanut butter, and butter in a large skillet on top of the stove.) Stir in vanilla. Pour mixture over cereal, stirring until evenly coated. Pour into 2-gallon resealable food storage plastic bag. (I used a 1 gallon bag—twice.)
3.Add powdered sugar. Seal bag; shake until well coated. Spread on waxed paper to cool. Store in airtight container.
Looking for a great recipe to serve at the summer party? Then you simply can't go wrong with Betty's version of the original "Chex Party Mix". Also called as puppy chow, this delightfully crunchy snack made with chex cereal and confectioners sugar will wow any crowd. Plus, this no-cook recipe is so simple that you can even get the kids to help you out with this.