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"finalize the proposal" is correct and usable in written English.
You can use it when you want to communicate that you need to complete or finish a proposal, for example: "We need to finalize the proposal by the end of the week."
Exact(7)
The Labor Department will finalize the proposal after a 60-day public comment period.
An inter-agency working group was supposed to finalize the proposal more than a year and a half ago.
The government will compile spending requests for a stimulus package on January 7 and finalize the proposal shortly thereafter as Prime Minister Shinzo Abe tries to speed enactment of his agenda of increased public works spending to lift the economy.
Regulators hope to finalize the proposal by summer following a 60-day public comment period.
Raskin voted to finalize the proposal as President Barack Obama, Treasury Secretary Jack Lew and the heads of the Securities and Exchange Commission, the Fed, Commodity Futures Trading Commission, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corp. all praised the rule for generally making the financial system safer.
Additionally, in mid-May the House of Representatives approved an amendment to the Interior Appropriations Bill that would prevent the EPA from spending money to finalize the proposal until October 2008.
Similar(53)
The spending bill rider bars the Federal Trade Commission, the lead agency on the food marketing initiative, from spending money on finalizing the proposal until the agency and its partners comply with an executive order signed in January by President Obama.
It's now considering public comment, with an eye towards finalizing the proposal.
Federal rules set to rein in speculative commodities trading face further delays, as regulators struggle to finalize the controversial proposal amid threats of legal challenges.
Once it was approved, she worked with the patent lawyer and the scientist to finalize the patent proposal application.
The group is scheduled to meet on Monday to finalize the language of proposals it will place before voters.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com