Making all exchange's funds completely transparent in such a way that does not hinder security would do significantly more than lowering transaction fees.  Transaction fees are high as is (considering the ridiculous amount of money exchanges make in one day).  Lowering them won't permanently fix anything.  A united front, more stress on security & customer service, and transparency can.  

Nothing will make the price go back up to 1K today.  Time will heal some wounds but unity and transparency will make Bitcoin stronger.