1/2 cup peanut butter
1/3 cup granulated sugar
1/3 cup packed brown sugar
1/3 cup butter or margarine
1/2 teaspoon baking soda
1/2 teaspoon baking powder
1 egg
4 cups toasted oat or rice cereal (Rice Krispies)
1 (6 ounce) package semisweet chocolate chips

Preheat oven to 325 degrees F.

Stir peanut butter, sugars, butter, baking soda, baking powder and egg in large bowl until well mixed. Stir in cereal and chocolate chips. Shape dough by rounded tablespoonsful into balls; place about 2 inches apart on ungreased cookie sheet. Bake 10 to 12 minutes or until golden brown.

Cool 5 minutes; remove from cookie sheet. Cool completely. Store loosely covered.

Yields about 3 1/2 dozen cookies.