In large bowl, combine sugar, butter, buttermilk and molasses; beat well. Add flour and all remaining ingredients except powdered sugar; mix until well blended. Cover dough with plastic wrap; refrigerate at least 2 hours for easier handling.
Heat oven to 350°F. On floured surface, shape dough into 4 long rolls, 15 inches long and 1 inch in diameter. With serrated knife, cut rolls into 1/4-inch-thick slices. Place 1/4 inch apart on ungreased cookie sheets.
Bake at 350°F. for 8 to 9 minutes or until golden brown. Immediately remove from cookie sheets; place on wire racks. Cool 5 minutes or until completely cooled. Sprinkle with powdered sugar.