Melt and heat the butter in a medium saucepan over medium heat until it is golden brown in color (be careful not to burn), about 5 minutes.
Turn heat to low. Add and whisk in powdered sugar and cream until well blended and sugar is dissolved.
Remove pan from the heat; add vanilla and stir mixture for about three minutes.
Place the frosting in the refrigerator for about 10 minutes until the frosting is cool and thick. If frosting thickens too much, add another Tablespoon cream.
Note: This recipe will yield enough for a 2 layer 9-inch cake.