In the domain of text-to-image generative models, the inadvertent propagation of biases inherent in training datasets poses significant ethical challenges, particularly in the generation of socially sensitive content. This paper introduces EquiPrompt, a novel method employing Chain of Thought (CoT) reasoning to reduce biases in text-to-image generative models. EquiPrompt uses iterative bootstrapping and bias-aware exemplar selection to balance creativity and ethical responsibility. It integrates iterative reasoning refinement with controlled evaluation techniques, addressing zero-shot CoT issues in sensitive contexts. Experiments on several generation tasks show EquiPrompt effectively lowers bias while maintaining generative quality, advancing ethical AI and socially responsible creative processes.Code will be publically available.