Rinse rice in several changes of cold water until water runs clear.
Drain well in a sieve.
Bring rice, broth, cinnamon stick, and bay leaves to a boil in a 4-quart heavy pot over high heat.
Reduce heat to low and cook, covered, until rice is tender and liquid is absorbed, about 15 minutes.
Remove from heat and let stand, covered and undisturbed, 5 minutes.
Discard bay leaves, then stir in butter until melted.
Fluff gently with a fork.
Rice can be made 1 day ahead and cooled completely, uncovered, then chilled in an airtight container. Reheat rice, its surface covered with a dampened paper towel, in a colander set over a saucepan of boiling water, covered, 5 to 10 minutes.