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On the pressure cooker, press on SAUTE. When the message "HOT" is displayed add the oil, and the butter. When the butter is melted, add the diced onion and cook until it's translucent.
Add the sliced mushroom, and season with Italian seasoning, salt, and pepper. Cook until the mushrooms are soft (about 3 minutes). Add the garlic, and cook for a minute or until it's fragrant.
Add in the rinsed rice, and the stock and give it a stir.
Secure the lid and set the vent to SEALING. Select the PRESSURE COOK/MANUAL setting and set the cooking time for 4 minutes at high pressure. The Instant Pot will take around 6-7 minutes to come to pressure and start cooking. When the cooking program ends, allow the steam to be naturally released for 10 minutes, then release the rest of the steam manually.
Carefully open the lid, fluff with a fork, and mix in sliced green onions.