Set Instant Pot to sauté mode, then add 2 tablespoons of the butter to melt. Once butter is melted, add the shallots and garlic and cook until softened, about 2 minutes.
Once the shallots and garlic are softened, add the rice and stir until well coated in the butter. Turn off sauté mode.
Add the broth and salt and pepper to taste. Stir once more, then lock the lid in place with the pressure valve set to sealing position. Cook on HIGH for 3 minutes. Once the rice is done cooking, allow pressure to naturally release until the pin drops.
Stir in the remaining tablespoon of butter and the parmesan cheese.
Ad more salt and pepper to taste, if needed, and enjoy!