Line a 11 x 7 pan with parchment paper and set aside.
In a medium microwave safe bowl, add the peanut butter, 2 sticks of butter, powdered sugar and vanilla extract. Microwave on HIGH in 35 second intervals, stirring after each interval, until completely melted and smooth. Remove from microwave.
Pour the melted peanut butter mixture into the parchment lined pan. Spread out evenly with a spatula.
Add the chocolate chips, sweetened condensed milk and 2 tablespoons of butter to a medium microwave safe bowl. Microwave on HIGH in 35 second intervals, stirring after each interval, until completely melted and smooth. Remove from microwave.
Pour the melted chocolate on top of the peanut butter layer and spread out evenly with a spatula.
*Chill for 4 hours to allow the fudge to set.
Cut into squares before serving and ENJOY!!