Place the rice in a colander set in a bowl of water to rinse the rice. Drain rice then repeat with fresh water 5 to 6 times until water comes out clear. Set rice aside to drain. Melt butter in a large saucepan over medium high heat. Add rice and cook stirring constantly for about 4 minutes. Stir in Onion Onion and the pepper. Stir in hot broth and bring to a boil. Reduce heat to medium-low. Cover and simmer for 20 minutes. Remove saucepan from heat. Remove lid and place a clean kitchen towel folded in half over the saucepan. Replace the lid over the towel. Let stand for 10 minutes. Fluff the rice with a fork and serve.