Heat the oven to 350°F. Grease two 9x5-inch loaf pans using vegetable shortening and then lightly flour, taping out the excess. Set aside.
In medium bowl, sift together the flour, baking powder and salt; set aside.
In a large bowl or the bowl of a stand mixer fitted with the paddle attachment, beat the sugar and butter until light and fluffy. Add the vanilla bean paste/vanilla extract and eggs, beating on high speed 5 minutes.
Add the flour mixture into the sugar mixture alternately with milk on low speed, beating just until smooth after each addition. Pour the cake batter evenly into the prepared pans.
Bake 55 to 60 minutes, or until a toothpick inserted in center comes out clean. Cool for 20 minutes; remove from pan(s) to wire rack. Cool completely, about 2 hours. Sprinkle with powdered sugar or drizzle with powdered sugar glaze.
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Notes
You can substitute any extract flavoring you'd like, this also tastes great with almond and lemon flavoring.