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Cook butter in a small heavy saucepan over medium heat, stirring constantly, 6 to 8 minutes or until butter begins to turn golden brown.
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Remove pan from heat immediately, and pour butter into a small bowl.
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Cover and chill 1 hour or until butter is cool and begins to solidify.
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Beat butter at medium speed with an electric mixer until creamy.
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Gradually add brown sugar and powdered sugar, beating until smooth.
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Gradually add flour to butter mixture, beating at low speed just until blended.
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Stir in pecans.
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Shape dough into 4 (8-inch) logs.
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Wrap logs tightly in plastic wrap, and chill 4 hours or until firm.
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Cut logs into 1/4-inch-thick rounds; place on lightly greased baking sheets.
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Bake at 350° for 8 to 10 minutes or until lightly browned.
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Transfer to wire racks to cool.
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**Cook time does not include butter chill time of one hour or dough chill time of 4 hours.